Iran with 155 billion barrels of recoverable oil

The National Iranian Oil Company’s managing director Ahmad Qalebani says private sector will participate in upstream activities including development of oil and gas fields based on fifth five year development plan’s rules.

Attending an exchange views session with representatives of private sector companies, NIOC’s managing director said that the fifth five year development plan’s regulations had specified the role of private sector in oil industry adding based on those regulations private sector is authorized to take part in exploration, development and production of hydrocarbon resources under the supervision and management of the National Iranian Oil Company (NIOC).

Stressing on preservative production from oil and gas fields, the official said in the event of transferring production to private sector, preservative production should be annexed to the related contracts plus supervision by ministry of petroleum on behalf of government on private sector’s activities in the sector.

Stating that 99 percent of the country’s energy comes from hydrocarbon resources, the official said that more than 80 percent of foreign exchange revenues of the country is the result of upstream sector’s activities.

He went on to say that considering domestic oil and gas consumption, upstream sector is responsible for 33 percent of gross national production (GNP) of the country implying the necessity of paying more attention to the sector.

Qalebani referred to maintaining the current level of oil production and increasing it by one million barrels per day over the fifth five year development plan up to 2015 as priorities of the company adding easy access to the main energy markets is another important target in NIOC’s planning.

According to the official, Islamic Republic of Iran with 155 billion barrels of recoverable oil and 34 trillion cubic meters of natural gas reserves sit atop respectively 11 percent and 18 percent of world’s oil and gas reserves while enjoying a unique geopolitical and geo strategic position in the world.

He referred to the upcoming conference on upstream activities themed Mechanisms Of Promoting Development And Exploitation Activities In Upstream Sector, which is due to be held late February in Tehran, as taking an essential step toward enjoying domestic scientific and intellectual capacities in upstream sector.