NIOC sets up committee to define projects’ priorities

TEHRAN (Tasnim) – The National Iranian Oil Company (NIOC) has set up a technical committee and commissioned it to rate the country’s oil and gas projects based on their priorities for optimum use of investments.

The NIOC is prioritizing its capital projects with the aim of making optimum use of the available investment resources, according to the NIOC Department for Consolidated Planning.

The department said in a statement that a working committee has been established to screen the oil and gas projects’ classification based on their priorities for optimum use of investments and preventing the approval of those which lack any economic or technical justification.

This way of classifying the projects will not only save time and costs but also reduce the costs arising from delay in completion of the projects. Moreover, resources will be spent on projects with quick return, new projects will be set aside for later implementation and investment will be made in projects which are near completion.

Iran is determined to bring the previous contracts on South Pars gas field to operational phase, and has no plan to sign any new contract over the giant field, Iran’s oil minister said.

Oil Minister Bijan Namdar Zanganeh told Tasnim on September 10, “We will not sign any new contact about South Pars, and we should only implement the previously-signed contracts.”

The South Pars gas field, whose development has been divided into 28 phases, is located in the Persian Gulf straddling the maritime border between Iran and Qatar. It is estimated that the Iranian section of the field contains 14 trillion cubic meters of gas and 18 billion barrels of condensates in place.

Zanganeh further stated that in recent years, Qatar has extracted more resources from South Pars gas field than Iran.

South Pars is part of a wider gas field that is shared with Qatar. The larger field covers an area of 9,700 square kilometers, 3,700 square kilometers of which are in Iran’s territorial waters (South Pars) in the Persian Gulf. The remaining 6,000 square kilometers, referred to as the North Dome, are in Qatar’s territorial waters.

By Tasnim News Agency


The Iran Project is not responsible for the content of quoted articles.