Iranian President outline route of economic development

Today at the opening of the first conference on the Iranian economy, which started its work in Tehran, President Hassan Rouhani said that Iran's economy should get rid of rent-seeking and grow in a competitive environment, the Iranian news agency IRNA reports.

The Iranian President stressed that all organizations must transparently disclose their economic activities, reports Trend.

According to statements made by the IMF, Iran has made significant progress in raising per capita income and standards of living compared to previous decades. According to the report, after the presidential elections in Iran in June 2013 there were some signs of stability in the country.

The National Iranian Drilling Company (subordinate to the National Iranian Oil Company) reported the results of the year - in 2014 in different areas of the country it drilled 118 oil and gas wells on land and sea, which amounted to a total depth of 282 thousand meters.

Iran has 16% of the world's natural gas reserves. The main deposits are located on the shelf of the Gulf. However, gas production in Iran is small - about 160 billion cubic meters per year. Qatar produces the same amount -the eternal rival of Iran, which also operates the South Pars field.

The Iranian National Drilling Company has 74 land and offshore drilling rigs in the oil-bearing areas of 10 Iranian provinces. Iranian hydrocarbon exploration was negatively impacted on by Western sanctions and the oil embargo in Europe. Now Iran is trying to catch up, but the ban on the sale to Iran of modern drilling technology has not been removed, so a noticeable effect from the impressive number of kilometers of drilling should not be expected.