June 26, 2022

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Iran won’t keep oil projects waiting for foreign companies: Official

In an interview with IRNA on Sunday, Mohsen Khojasteh-mehr said that Iran produced 3.838 million bpd before the United States pulled out of the nuclear deal in 2018 and had to make investments to keep producing oil wells from going offline in order to maintain the production capacity.

Iran lost one million bpd of its oil production, the CEO said, but President Raisi’s administration managed to revive the lost capacity by investing 500 million dollars, resuming the pre-sanction levels.

Khojasteh-mehr said that Iran could double its oil exports as soon as the sanctions are lifted.

The official noted that Iran was leveraging domestic capacity, including Iranian exploration and extraction companies and banks, to develop shared oil and gas fields in southern Iran.

Iran won’t wait for foreign countries since this would waste oil and gas reserves and cause the underground wealth to move towards neighboring countries, according to Khojasteh-mehr.

We want to take timely decision and measures relying on domestic capability, he noted.

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Original News : https://en.irna.ir/news/84762838/Iran-won-t-keep-oil-projects-waiting-for-foreign-companies-Official

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