Oil minister reveals:

Producing 500m oil barrels, outcome of IPC 3rd contract

TEHRAN (defapress) – Iranian Oil Minister Bijan Namdar Zanganeh said, “it is predicted that 500 million oil barrels will be produced during 20 years as a result of conclusion of contract for the development and operation of Jofeir and Sepehr oilfields.”

News ID: 69274

Date: 19 March 2018 - 13:34

Speaking on the sidelines of signing and sealing ceremony of a contract to develop and operate Sepehr and Jofeir oilfields, he said, “this contract is inked between National Iranian Oil Company (NIOC) and Iranian E&P Company.”

The said contract has been inked within the framework of Iran Petroleum Contract (IPC), he said, adding, “under IPC terms and conditions, domestic companies should experience development of oil projects optimally.”

He called on chief executives of domestic oil companies to take advantage of technical knowhow and knowledge of foreign companies and emphasized, “once it is proved that domestic companies are able to fulfill giant oil projects in the country, we will certainly take advantage of their capabilities and potentials in line with materializing economic objectives of the ministry.”

He pointed to the successful experience of Iranian E&P Company in the field of development and operation of Jofeir and Sepehr oilfields and reiterated, “considering the injection of about $3 billion worth of capital to this giant project, feasibility studies were conducted and finally, we came to this conclusion that Iranian E&P Company enjoys high capability and potential in developing and operating the aforementioned oilfields.”

In conclusion, Iranian Oil Minister Bijan Namdar Zanganeh said that country’s oil output volume will experience a considerable hike as a result of development of the two oilfields of Jofeir and Sepehr within the next 30 months.”