Tehran, Iran, August 23
By Mehdi Sepahvand –- Trend:
For the upcoming four years the incoming administration would need investments as well as new technologies for Iran’s oil sector to grow as it should, more than anything else, Narsi Qorban, an expert told Trend, Aug 23.
Oil Minister Bijan Zanganeh recently said that, during his upcoming four year tenure, he will prioritize “important contracts”, which will bring Iran financial investments and new technologies.
Qorban noted that, Iran’s recently developed oil contracts (IPC) are flexible enough to attract foreign companies to the negotiations table.
“Nevertheless, it will be entirely up to the Iranian negotiators, to push the talks into successful deals,” he underlined.
“Attracting foreign investments and technologies is a priority for us in the oil industry, whether in shared fields or for increasing the production of oil at the fields that are already operational,” Zanganeh said during a live television interview on state TV, Aug 20.
Zanganeh, who won the parliamentary approval to stay on as oil minister on Sunday, has been credited with the increase in Iran's crude oil output, since many global sanctions were lifted last year, following the international deal on Iran's nuclear program.
He has also won praise for a multi-billion-dollar deal with France's Total to develop world's largest gas field – South Pars.
Iran needs approximately $200 billion investment in oil and gas production and development, as well as refineries’ upgrade. Roughly 65 to 75 percent of that investment needs to come from the foreign sources, according to the minister.