Iran needs more than $100 billion investment to develop its oil sector, Iranian Oil Minister Bijan Zanganeh said on the sidelines of a ceremony for inking a contract between the National Iranian Oil Company (NIOC) and Persia Oil & Gas Industry Development Co. (POGIDC), affiliated to Tadbir Energy Development Group.
According to him, the enhancement of recovery of such oil fields as joint fields should be turned into national demand. He stressed the main and pivotal goal of the oil industry in enforcing the new model of oil contracts is increasing recovery from the reservoirs.
He stressed that Iran welcomes cooperation with all companies that can provide capital and the latest technologies for recovery enhancement. He said that Yaran, Maroon and Koupal fields are a subject of the contract.
The minister said several oil contracts will be signed by March 20, marking end of the current Iranian year of 1395. Zanganeh noted the contracts, to be signed by the second half of the current Iranian year, will be within the framework of the new model of oil contracts.
Zanganeh said up to now, many Memoranda of Understanding (MoU) have been signed with foreign companies. "Based on several confidential contracts, which have been signed so far, foreign companies are busy studying the fields that are subject to the contract," IRNA cited him as saying.
