Mohammad Souri noted that injecting financial resources and securing capital are the only remaining solutions to address production challenges in oil and gas and develop the petrochemical industry. However, he added that attracting foreign investment requires preconditions such as ensuring economic and social security and reducing administrative barriers.

Highlighting the limited financial capacity of domestic investors to advance large-scale projects, Souri stressed that upstream oil industry development plans require investments of $10 billion to $20 billion, which only a small number of local investors can undertake. In contrast, many successful Iranian expatriate investors in international markets are prepared to return and invest in Iran if the right conditions are provided.

The former executive also identified investors from China, South Korea, Arab countries and Europe as other potential sources of capital, stating that these countries are willing to invest if large-scale projects are awarded to them—an approach he believes is entirely feasible.

Need for advanced technology to boost oil recovery 

Souri pointed to the necessity of using modern technology in oilfield extraction, noting that Iran’s oil well recovery rate is around 25%, compared to 50% in countries like Norway.

He said increasing the oil recovery rate depends on adopting advanced technology, which could significantly raise daily production from 4 million barrels to a much higher level, greatly benefiting the national economy.

The former CEO also emphasized the importance of attracting major international private companies to invest in large-scale projects, adding that such firms only enter a country if substantial projects are available.

Citing the experience of developed nations, Souri noted that in some countries, the government only plays a supervisory and facilitative role, avoiding interference in economic activities. In such an environment, the private sector can operate with greater agility and efficiency when given sufficient authority.