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Iran’s proven oil reserves to increase by 10%

Deputy Chief Executive of the National Iranian Oil Company (NIOC) Gholam-Reza Manouchehri said, “results of studies conducted by domestic and foreign companies show that total proven reserve volume of Iranian oil will increase by 10 percent at large.
Speaking at the 2nd Intl. Conference of Exploration and Production, he added, “new model of Iran Petroleum Contracts (IPC) is one of the basic and fundamental strategies for the development of country’s oil industry.”

There are many complexities in the decision-making and decision-taking process in the field of new petroleum contracts, he said, adding, “upstream contractors have made considerable growth in the recent years as compared to the previous years.”

Turning to financing petroleum projects, he said, “financing has been put atop agenda through financial funds, partnership of small-scale capitals, financial resources of bank and Foreign Direct Investment (FDI).”

Organizing tenders’ process for oil projects will be followed up strictly in the beginning of coming years (to start March 21, 2018) within the framework of rules and regulations, Manouchehri highlighted.

According to the studies made on oilfields by both domestic and foreign companies, he said, “significant results have been obtained on the country’s proven oil reserves.”

The 2nd International Conference of Exploration and Production will be held in IRIB Conferences Center in the presence of 1,000 top managers and directors in the field of contracting and employing in Iranian oil industry with the aim of reviewing the latest achievements, developments and future outlooks within the framework of new model of IPC, Deputy CEO of National Iranian Oil Company concluded.
Source: MNA

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