Ali Kardor

NIOC: No delay in developing joint offshore fields is logical

TEHRAN, Sept 19 (Shana) – Managing Director of National Iranian Oil Company (NIOC) Ali Kardor says delay in development of offshore joint fields is not wise.

Kardor told a group of Iranian Offshore Oil Company (IOOC) officials, “Though cost price for production in the offshore fields is more than that of onshore ones, development of joint fields is of priority under any condition and no delay will be wise.”

Kardor said, “We hope that through defining new mechanisms and improvement of the slope of incomes, the financial resources needed by the IOOC will be met to some extent.”

Kardor referred to the NIOC’s need to 100 billion dollars to enforce its objectives in the sixth plan and said it necessitates attraction of investment.

The IOOC has good capacity to increase production and “I hope it will be possible through injection of financial sources and attraction of capital.”

The Iranian Offshore Oil Company (IOOC) is a subsidiary of the National Iranian Oil Company. IOOC, an independent legal entity, is based in Tehran and operates in southern Iran. Its activities cover important areas of the Persian Gulf and its main operations are in Bushehr Province and on Kharg Island, Sirri Island and Lavan Island.