BAKU, Azerbaijan, February 9. Iran’s oil industry is now fully managed by local experts, independent of foreign involvement, Iranian Oil Minister Mohsen Paknejad told reporters, Trend reports.
Speaking to Iranian media, Paknejad emphasized that when foreign companies left Iran, they probably didn’t believe that the country’s oil industry could be effectively managed without their presence.
He explained that Iran has become self-sufficient in various aspects of its oil sector, including equipment manufacturing and the development of oil and gas fields. As a result, the majority of Iran's oil and gas industry is now operated by the domestic sector.
The Iranian Minister also added that plans are underway to enhance oil and gas field development, including both Iran's onshore and offshore reserves, and to increase production from the South Pars gas field, aiming to address energy shortages in the country.
Moreover, Iran's total hydrocarbon reserves are 1.2 trillion barrels. Iran can produce 340 billion barrels with existing technological equipment. Iran can utilize about 30 percent, while 70 percent remains unutilized underground.
To note, the US imposed new sanctions on Iran in November 2018 over Iran's nuclear program, and since then, the sanctions have thrown a wrench in the works for Iranian oil exports, impacting over 700 banks, companies, and individuals in a big way.