Speaking at the "Transformation in Investment and Development of Iran’s Upstream Oil and Gas" event, held Tuesday at the Summit Conference Hall, Hamid Bovard emphasized NIOC’s commitment to leveraging private sector capital in major oil industry projects. "The oil industry is Iran’s economic locomotive," he said. "Production and development are inseparable, and attracting substantial investment is essential to achieving our production targets."

Committed to ensuring investment security in oil 

Bovard, who also serves as deputy oil minister, noted that the event was the result of eight months of intensive work by NIOC’s investment team. "Since the start of the 14th administration, we have assembled a professional team to identify weaknesses and propose solutions for investment development," he said. "We hope constructive efforts will lead to significant progress in this sector."

Referencing recent remarks by the Supreme Leader on securing investors’ capital, Bovard added: "NIOC stands ready to provide all necessary guarantees for investment security in upstream oil projects."

"Our goal is to attract investment, boost oil and gas production, and maximize returns for investors," he continued.

 Turning Iran into a major industrial hub 

Bovard also highlighted reduced investment risks through flexible oil contracts, ensuring both security and profitability for investors. "By attracting investment in oil projects, we will develop oil and gas fields while utilizing contractors in construction and operations—boosting employment and economic growth," he said.

"We aim to transform Iran into a major industrial hub through thriving oil sector investments," he added.

 Tapping into domestic, Diaspora capital 

Bovard outlined plans to attract investment from Iranians abroad, stating: "These resources are readily available—we just need to align contract terms with financial incentives."

He noted that a significant portion of upstream oil project financing could come from domestic capital. "Several promising proposals are under review and will be announced soon," he said. "The incentives in this sector are highly attractive and expected to draw strong public interest." 

 Revising contract models with expert input 

Bovard emphasized NIOC’s flexible approach to revising contract frameworks. "Given the need for investment, we are open to expert recommendations to facilitate deals and enhance mutual benefits in oil contracts," he said.

"The 14th administration’s oil industry strategy is highly adaptable—no rigid contract model is enforced, and we are ready to address weaknesses to improve deal attractiveness," he added, noting that this shift is reflected in recent NIOC board approvals and ministry policies.

 Removing investment barriers 

Bovard stated that new contract models offer significantly improved returns on investment. "Given the forex-based nature of these contracts, profitability is guaranteed," he said.

He expressed hope that with support from executive and legislative bodies, obstacles to oil industry investment would be lifted.

 Event highlights major investment opportunities 

The "Transformation in Investment and Development of Iran’s Upstream Oil and Gas" event will take place Tuesday at the Summit Conference Hall of Tehran, attended by political and economic leaders as well as oil and gas stakeholders. Over 200 upstream oil and gas investment opportunities will be unveiled for the first time.