BAKU, Azerbaijan, April 14. Iran’s oil sector, particularly the development of its oil fields, requires substantial investment to reach its full potential, said Ibrahim Piramoun, the CEO of National Iranian South Oil Company (NISOC), Trend reports.
In a recent statement during the "Development of Iran's Oil and Gas Sector and Investment Shift" event in Tehran, Piramoun emphasized that many of the country’s oil fields remain underdeveloped or are not fully utilized. Additionally, older oil fields require further development to optimize output.
Piramoun pointed out that, considering Iran’s current capabilities, attracting new investments is crucial. He stressed the need to modernize old equipment and infrastructure used in crude oil production, which is vital for increasing production levels.
He also noted that there are significant investment opportunities in various oil and gas sectors, offering low-risk and high-return prospects for investors.
The Iranian South Oil Zones National Company, affiliated with the National Oil Company of Iran, owns 45 large and small hydrocarbon fields in an area of 400,000 square kilometers from Iran's Bushehr Province to the north of Khuzestan Province. It produces about 80 percent of Iran's crude oil and 16 percent of its gas.
Iran's total hydrocarbon reserves are estimated to be around 1.2 trillion barrels, but with current technology, only about 30% of this is accessible, leaving the remaining 70 percent untapped underground.
-----
Follow the author on X: @BaghishovElnur
