15 September 2019 - 16:06
  • News Code: 293140
Iran Oil Industry Developing Despite Sanctions: Official

TEHRAN (Shana) – A senior Iranian oil official said that the industry was developing in the country despite the sanctions.

Speaking in a televised interview on Saturday evening, Reza Dehghan, the deputy director for development and engineering affairs at the National Iranian Oil Company (NIOC), said that the fate of all the country’s joint oil and gas fields would be completely determined within the next two years, adding that development of several fields was currently under way in the country.

He said NIOC had defined a $6.2bln project package for maintaining and enhancing production in the oil industry, adding that 10 contracts regarding the projects had so far been signed and 8 others were to be signed within the next few weeks. The fate of the remaining contracts will be determined by the end of the current calendar year, which began on March 21.

Dehghan further said that sanctions were nothing new in the oil industry of Iran, adding that developing the oil industry in the country never stops.

He said development of Forouzan Oilfield which is shared with Saudi Arabia was under way by tapping domestic capabilities.

“Capabilities of domestic firms have left us no dead ends in developing the fields,” he said.

News Code 293140

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