Aug 17, 2020, 3:21 PM
Journalist ID: 1114
News Code: 83910872
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Zangeneh: Iran ahead of neighbors in joint oilfields

Tehran, August 17, IRNA – Iranian Petroleum Minister Bijan Zangeneh said on Monday that Iran is ahead of its neighbors in producing crude from joint oil and gas fields.

Zangeneh said that Iran cannot wait for foreigners (foreign contractors) to develop its oilfields.

He said that one needs to compete in order to survive and more enhanced technology is needed in order to be able to compete.

“As the first step to this end, we interacted with universities so that we will be signing new contracts with universities over the next weeks to give a boost to production," the minister said.

He also said that the country can use the potential of the capital market to provide finance for the oil projects.

Sanctions and its sponsors will go and Iran will continue to remain, Zangeneh further said.

“We have to create capacity as the power of a country does not rely on its reservoirs but on its production capacity," he added.

Zangeneh pointed out that if Iran cannot create capacity, it will not be able to retake its market with the lifting of sanctions.

"We have to restore our capacity in less than three months once the sanctions are lifted," the minister said.  

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