NIOC: Oil Development Projects Implementable

Kardor made the remarks in an address to the 10th Scientific and Applied Resistive Economy Seminar of Iran Management Association, themed “Oil Industry and Materialization of the Resistive Economy Policies.”

He said resistive economy is a highly intelligent policy as it is the model of comprehensive economic growth and development.

He noted that undoubtedly, increase in the production capacity will make it possible to boost the role and influence of Iranian oil industry in the world markets.

The official said Iranian oil industry needs at least 100 billion dollars of investment to address its development goals in the sixth plan.

“Studies show 80 percent of the capital should be made from outside. Increase in the production capacity, implementation of new development projects, increasing coefficient of recovery and whatever falling in connection with the country’s development and economic projects for the oil industry will not be possible without necessary financial resources.”

Emphasizing speeding up recovery from joint fields, Kardor said Iraq which is among Iran rivals in several joint fields, has many plans for increasing the oil production capacity and it can reach its daily production to six million barrels in the near future.

He said at the time of sanctions, Iraq crude oil was better substitute for Iranian crude at the world refineries compared to crude oil of other countries.

Elsewhere in his remarks, Kardor referred to increase in Iranian oil production capacity to more than five million barrels per day and said based on the schedule, one million barrels of the output will be obtained from fields west of Karoon – most of them being joint fields.