BAKU, Azerbaijan, January 19. Recent progress
in Iran’s oil sector has led to increased investor interest, Mohsen
Paknejad, the country’s Minister of Oil, told reporters, Trend reports.
According to the minister, the Ministry of Oil is placing
particular emphasis on expanding investment in the oil and gas
sector through the active participation of private companies. In
parallel with the implementation of a range of facilitation
measures, focused attention is also being directed toward the
development of domestic equipment manufacturing and the creation of
employment opportunities.
Paknejad further noted that approximately $1 billion has been
allocated for the procurement of technical equipment related to
drilling operations. As part of this plan, 20 drilling rigs with a
capacity of 2,000 horsepower are scheduled to be added to the
country’s drilling fleet.
The minister also stated that increasing daily crude oil
refining capacity by 315,000 barrels represents one of the sector’s
key strategic priorities.
On January 15, contracts valued at $2 billion were signed among
domestic companies in Iran, covering projects related to oil
drilling rigs and oil refining.
Currently, Iran operates 74 oil fields and 22 gas fields across
the country. Of the oil fields, 37 are managed by the Southern Oil
Fields Company, 14 by the Central Oil Fields Company, five by the
Arvandan Oil and Gas Company, and 18 by the Offshore Oil Company.
The gas fields are distributed similarly, with five operated by the
Southern Oil Fields Company, 13 by the Central Oil Fields Company,
one by Pars Oil and Gas Company, and three by the Offshore Oil
Company.
Iran’s total hydrocarbon reserves are estimated at 1.2 trillion
barrels, of which approximately 340 billion barrels are recoverable
with existing technologies, around 30% of the total, while the
remaining 70% remains undeveloped.
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