BAKU, Azerbaijan, September 24. The activation of the 'snapback' mechanism, which envisages the restoration of UN Security Council sanctions against Iran, will not create a serious problematic restriction on Iran's oil sales, Iranian Oil Minister Mohsen Paknejad told the media on the sidelines of a meeting of the Cabinet of Ministers in Tehran today, Trend reports.
According to him, over the past years, Iran has faced sanctions and serious restrictions imposed by the US, and therefore, the current process won't significantly increase these restrictions.
"Of course, if there is a need to take measures related to the sale of crude oil, the necessary work will be done," he noted.
Currently, Iran has 74 active oil fields and 22 gas fields. Of these, 37 are operated by the National Iranian South Oil Company, 14 by the Iranian Central Oil Fields Company, five by the Arvandan Oil and Gas Production Company, and 18 by the Iranian Offshore Oil Company. As for gas, five fields are located in the territory of the National Iranian South Oil Company, 13 in the Iranian Central Oil Fields Company, one in the Pars Oil and Gas Company, and three in the Iranian Offshore Oil Company.
Iran’s total hydrocarbon reserves are estimated at 1.2 trillion barrels. With existing equipment and technology, about 340 billion barrels can be extracted, meaning that only around 30 percent of reserves are recoverable, while the remaining 70 percent remains untapped underground.
The UN Security Council has voted to restore sanctions that had been suspended following the 2015 nuclear deal with Iran. The decision has been backed by the US, the UK, France, and Germany. If Iran and European leaders fail to reach a new agreement, the sanctions will be reinstated on September 26.
The nuclear deal was endorsed by UN Security Council Resolution 2231, adopted on July 20, 2015. This resolution resulted in the lifting of six previous resolutions against Iran and extensive sanctions related to Iran's nuclear program.
The “snapback” mechanism is based on Articles 36 and 37 of the Joint Comprehensive Plan of Action (JCPOA). According to these provisions, if one party complains that another has violated the agreement and resolution efforts fail, the issue can be brought before the United Nations Security Council (UNSC). If the UNSC accepts the complaint, international sanctions against Iran can be reinstated, and the Security Council members may authorize military operations against Iran.
Stay up-to-date with more news on Trend News Agency's WhatsApp channel