Speaking on Friday, May 9, on the sidelines of the second day of the 29th International Oil, Gas, Refining & Petrochemical Exhibition (Iran Oil Show 2025), Hamid Bovard emphasized the need for synergy among NIOC, contractors, investors, and manufacturers.

"Companies are our business partners, and specialized media are our social partners. Both serve as our communication arms, and by fostering healthy relationships between these sectors, we can restore hope and stability to society," he said during a press briefing.

Referring to the 14th administration’s inauguration in September 2024, Bovard noted that NIOC’s reorganization was carried out through precise planning, government support, and the Oil Minister’s strategic guidance, leading to strong performance across various sectors.

 Record gas production despite last year’s severe cold 

The deputy oil minister reported a production increase of over 150,000 barrels per day (bpd) in 1403, adding that this year’s target is to raise output by up to 250,000 bpd. Achieving this will require specialized equipment, including onshore and offshore drilling rigs.

Bovard stated that NIOC’s investment management has made strong, unique decisions, urging the private sector to import rigs under five-year contracts with advance payments. "This requires over $1.5 billion in investment, and we invite the private sector to participate," he said.

Despite last winter’s extreme cold, Iran set 14 new gas production records, reaching a daily output of 1.106 billion cubic meters. However, Bovard stressed that increased production should not discourage the public from optimizing consumption.

 Key oil contracts to be signed

The NIOC CEO reiterated that development efforts are being pursued alongside production, with several major contracts set to be signed tomorrow.

"If domestic capital is directed toward the oil industry, other economic sectors will also thrive, making the 8% growth forecast in the Seventh Development Plan well within reach," he said.

To be updated