BAKU, Azerbaijan, May 8. Iran is working to create new markets in an effort to increase its share in international energy trade, said Mohsen Paknejad, Iran's Minister of Oil, Trend reports.
In his address today at the opening ceremony of the 29th Iran Oil, Gas, Refining, and Petrochemical International Exhibition in Tehran, Paknejad emphasized that the focus is on strengthening relations with neighboring countries and others, as well as leveraging opportunities for international cooperation.
He also mentioned that enhancing cooperation between Iran and Russia in the oil and gas sectors is a key objective. There are excellent opportunities for the participation of companies from both countries within joint projects. Iran is working to establish a secure legal framework for joint investments, reduce political risks, and create favorable conditions for private sector participation by securing agreements in the parliaments of both countries.
In response to a recent agreement between Turkmenistan and Türkiye for swapping Turkmen gas via Iran, Paknejad noted that this development will help strengthen Iran’s position as an energy hub in the region.
As many as 74 oil fields and 22 gas fields are currently operating in Iran. There are 37 oil fields in the territory of the National Company of Iran's Southern Oil Zones, 14 in the territory of the Iranian Central Oil Zones Company, five in the territory of the Arvandan Oil and Gas Production Company, and 18 in the territory of the Offshore Oil Company. Additionally, the South Oil Zones National Company of Iran operates five gas fields, the Central Oil Zones Company operates 13, the Pars Oil and Gas Company operates one, and the Offshore Oil Company operates three.
Iran's total hydrocarbon reserves are 1.2 trillion barrels. Iran can produce 340 billion barrels of this gas with existing technological equipment. Iran can use about 30 percent, while 70 percent remains unused underground.
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