Ex-NIOC CEO Relates Experience of Iran Returning to Oil Market

TEHRAN (Shana) -- The former CEO of the National Iranian Oil Company spoke about the experience of returning Iranian oil to the market after the Joint Comprehensive Plan of Action (JCPOA).

Roknnodin Javadi said the country spent $800 million in addition to the previously approved budgets to achieve a rapid return of maximum oil production.

Addressing a virtual group of Young Oil Industry Experts, Javadi touched on NIOC’s experience of returning to the oil market in the aftermath of the Joint Comprehensive Plan of Action (JCPOA).

"I and my esteemed colleagues in oil believed that sanctions would be lifted soon and we needed to be ready to immediately return to the level of production and exports before the sanctions,” he wrote.

“Therefore, we put the preparation and testing of production from fields and wells on the agenda, and on two occasions, with maximum production in the fields, we identified shortcomings, limitations and problems, respectively, and put forward an intensive program for troubleshooting, repairing and rehabilitating capacities by requesting and receiving $800 million, in addition to the previously approved budgets,” he said.

News Code 316233

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