BAKU, Azerbaijan, January 19. Recent progress in Iran’s oil sector has led to increased investor interest, Mohsen Paknejad, the country’s Minister of Oil, told reporters, Trend reports.
According to the minister, the Ministry of Oil is placing particular emphasis on expanding investment in the oil and gas sector through the active participation of private companies. In parallel with the implementation of a range of facilitation measures, focused attention is also being directed toward the development of domestic equipment manufacturing and the creation of employment opportunities.
Paknejad further noted that approximately $1 billion has been allocated for the procurement of technical equipment related to drilling operations. As part of this plan, 20 drilling rigs with a capacity of 2,000 horsepower are scheduled to be added to the country’s drilling fleet.
The minister also stated that increasing daily crude oil refining capacity by 315,000 barrels represents one of the sector’s key strategic priorities.
On January 15, contracts valued at $2 billion were signed among domestic companies in Iran, covering projects related to oil drilling rigs and oil refining.
Currently, Iran operates 74 oil fields and 22 gas fields across the country. Of the oil fields, 37 are managed by the Southern Oil Fields Company, 14 by the Central Oil Fields Company, five by the Arvandan Oil and Gas Company, and 18 by the Offshore Oil Company. The gas fields are distributed similarly, with five operated by the Southern Oil Fields Company, 13 by the Central Oil Fields Company, one by Pars Oil and Gas Company, and three by the Offshore Oil Company.