8 October 2013 - 16:07
  • News Code: 208450
NIOC Classifies Projects

TEHRAN Oct 09 (Shana): National Iranian Oil Company (NIOC) is prioritizing its capital projects in a bid to make optimum use of investment resources, the NIOC Department for Consolidated Planning said in a statement.

It said a working committee has been established in the NIOC department in order to screen capital projects for their classification based on their priorities.

This committee is meant for optimum use of investments and preventing the approval of projects which lack any economic or technical justification.

Prioritization of projects not only will save time and costs but also will reduce the costs arising from delay in completion of the projects.

Moreover, resources will be spent on projects with quick return. New projects will be set aside and investment will be made in projects which are near completion.

Following Petroleum Minister Bijan Namdar Zanganeh’s taking office in August, Petroleum Ministry has decided to raise the country’s oil output, develop the gigantic South Pars gas field as well as other offshore and onshore oil and gas fields.

Currently, phases 12, 15 &16 and 17&18 of South Pars, West Karoun, Ilam and Persian Gulf regions as prioritized projects of the petroleum industry.

Zanganeh has already said that abandoned projects must be first decided upon.

The aforementioned phases of South Pars are expected to produce nearly 200 mcm/d of gas and 300,000 barrels of gas condensate a day in a year and a half.

Then, gas could be replaced with liquid fuel and bring the country 27 billion dollars in revenues, bringing balance to the country’s economic system.

Other programs of Petroleum Ministry include development of phases 14, 19, 21-23, studying the development of hydrocarbon fields discovered in the past decade.   

News Code 208450

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