BAKU, Azerbaijan, December 2. Work is underway to attract investment in oil and gas projects in Iran, the country's Government Spokeswoman Fatemeh Mohajerani said at a press conference in Tehran on December 2, Trend reports.
According to her, the process of investing in oil and gas projects in the country has been simplified for this purpose, and the time required to prepare and sign contracts has been reduced to five months. The government is seeking to attract investors through this process.
Mohajerani stated that the government has spent $130 billion on oil and gas projects. Increasing pressure on oil and gas fields, preventing the burning of associated gas, investing in oil and gas fields, building solar power plants, and developing public transport are the government's main priorities.
Nowadays, a total of 74 oil fields and 22 gas fields are operating in Iran. Of these, 37 fields are operated by the National Iranian Oil Company of Southern Oil Fields, 14 by the National Iranian Oil Company of Central Oil Fields, 5 by the Arvan Oil and Gas Production Company, and 18 by the Offshore Oil Company. In addition, there are 5 gas fields operating in the territory of the National Iranian Oil Company of Southern Oil Fields, 13 in the territory of the Central Oil Fields Company, 1 in the territory of the Pars Oil and Gas Company, and 3 in the territory of the Offshore Oil Company.
Iran's total hydrocarbon reserves stand at 1.2 trillion barrels. Iran can extract 340 billion barrels using existing technological equipment. Iran can use about 30 percent, while 70 percent remains untapped underground.