Speaking on the sidelines of the second day of the 29th International Oil, Gas, Refining & Petrochemical Exhibition (Iran Oil Show 2025), Paknejad highlighted the strong turnout of industry experts and companies.

He described the event as a key platform to showcase domestic capabilities and foster closer ties between producers, service providers, and equipment consumers.

"We must move beyond traditional exhibition formats and focus more on innovation, new ideas, and technologies like artificial intelligence," Paknejad said.

"Unfortunately, we’ve fallen behind in this area and must work harder to keep pace with neighboring countries. Next year, with private sector and expert support, we hope to prioritize cutting-edge technologies."

$50m Caspian Sea drilling project 

Paknejad outlined major ongoing projects, including exploratory drilling in the Roudsar structure in the shallow waters of the Caspian Sea—the first such operation in three decades. Located 15 kilometers offshore at a depth of 70–75 meters, the drilling aims to reach 5 kilometers below the seabed. If successful, the site could be declared a hydrocarbon reserve.

Initial geological and 2D seismic studies estimate over 600 million barrels of crude oil and about 2 trillion cubic feet (tcf) of gas in place, though Paknejad stressed these figures are provisional pending further drilling and analysis. The $50 million project is being carried out under an EPD contract.

He noted that while Iran’s Amir Kabir semi-floating platform has previously drilled exploratory wells in deeper Caspian waters, more studies are needed to confirm reserves. Developing these fields—particularly those in 700-meter depths—requires advanced technology, which the ministry is pursuing in collaboration with knowledge-based firms.

 Stable gas supply in winter

Reflecting on last winter’s gas supply, Paknejad said it was one of the least challenging in recent years, thanks to efforts by the National Iranian Oil Company (NIOC), which added 30 million cubic meters per day to production capacity. The National Iranian Gas Company (NIGC) also maintained network stability during peak demand.

However, he criticized inefficient power plants for excessive fuel consumption, noting that $600 million was spent on gasoil imports—of which only $200 million went toward electricity generation, with the rest wasted. He urged the Energy Ministry to improve plant efficiency.

 Pursuing upstream, downstream projects without foreign investors 

The Oil Ministry is aggressively pursuing upstream and downstream projects, Paknejad said, emphasizing reliance on domestic capabilities rather than waiting for foreign investors. "If the private sector adopts modern technology, we will fully support them through various contracts," he added.

Regarding the South Pars gas field’s pressure boost project, he said studies are being expedited to move quickly to the execution phase after contract approval, with funding options including the National Development Fund.

 Energy imbalance requires demand management 

Paknejad warned that Iran’s energy imbalance is worsening, with tougher winters ahead. While production has increased, surging demand outpaces supply. He praised public cooperation with last winter’s "Two Degrees Less" campaign but stressed the need for continued energy-saving measures and government support for efficient appliances.

Legal frameworks in the Seventh Development Plan and this year’s budget include solutions to meet targets like producing 4.58 million barrels of crude and 1.35 billion cubic meters of gas by the plan’s end.

 Faster contract approvals 

The minister credited streamlined procedures—backed by the president and the Economy Council—for shortening contract approvals. The NIOC is now required to finalize upstream investment proposals within 3–4 months, fulfilling a directive from the Supreme Leader.

 No disclosure of oil production, export figures 

On Caspian Sea drilling, Paknejad said domestic firms like Khazar Oil and Gas and North Drilling Company have sufficient technical capacity for the exploratory phase. While foreign partnerships aren’t needed now, Iran is open to technology transfer and investment cooperation with all countries—"except one specific nation."

Regarding oil production and exports, he declined to provide figures due to sanctions but confirmed operations are at full capacity without delays. He advised officials against sharing detailed statistics.