Iran to sign $10-15b new petroleum contracts: NIOC chief

TEHRAN, Feb. 23 (Shana) – Managing Director of the National Iranian Oil Company (NIOC) Rokneddin Javadi foresees that Iran will be able to sign 10 to 15 billion dollars of the new petroleum contacts by next year.

“Signing does not mean attraction of (financial) resources,” he told Shana explaining that holding of tender offers and the process of revision, completion and drafting of the contracts models are time consuming trends.

Referring to the annual 7 to 8 percent natural reduction in oil production, Javadi added, “To make up for the decline which will amount to 1.5 million barrels as day by the end of the Sixth Development Plan, we have to employ EOR and IOR methods.”

The NIOC chief also said that expert committees have reached the conclusion that Iran can increase its production to 4.7 million a day in a way not destroying its reservoirs.