Iran needs foreign investment for oil fields

TEHRAN April 29(Shana)–Iran needs to attract foreign investment to develop ageing oil fields, a top official has said.

“The country’s domestic resources are not enough for renovation and rebuilding oil fields,” Gholam-Reza Manouchehri, managing-director of Iranian Offshore Engineering and Construction (IOEC), said.

“The installations of these fields could be renovated only by foreign investment,” he added.
Manouchehri said Iran Petroleum Contract, the new model to replace buyback as oil contract model, should be attractive enough for foreign investors.