SHANA - A senior official with the National Iranian Oil Company (NIOC) says Iran's oil industry must expect an unprecedented boom given the eagerness of foreign companies to develop projects in the Middle Eastern oil-rich country and ongoing talks with them.






"My estimation is that within the next two years, the industry will witness an unprecedented boom," said Amir Hossein Zamaninia, deputy petroleum minister for international affairs and trading.

Speaking to Shana on the current state of investments in Iran's oil and energy sector, the official said Iran is in a good state given the political conditions and ongoing negotiations with foreign companies to develop oil/gas projects.

"Although the industry is over a century old in Iran, production is not commensurate with the size of our reserves which highlights the significance of new investments in the industry," Zamaninia, a veteran diplomat, added.

He said attraction of finances is a serious competition in the world because available resources are limited while demands are high.

"Iran's oil industry is currently in its best possible state for attraction of finances; major companies are keen on investing in Iran and good negotiations are under way with them. I keep my fingers crossed that these talks will reach fruition."

The Economic Resilience Headquarters has required National Iranian Oil Company (NIOC) to conclude at least 10 oil and energy deal by the end of the current Iranian calendar year to March 20. Asked how far the company has progressed in this regard, the official said:

"Talks are under way with foreign companies to ensure their return to Iran and many of the companies have submitted to NIOC their master development plans (MDP) for developing projects in Iran."

Provided that the talks do progress in all sectors as intended by NIOC, their financial dimensions will not take too long given the fact that the company has already signed a deal with a consortium of Total, CNPCI and Petropars for developing phase 11 of the supergiant South Pars Gas Field, he added.

"This is why I am confident NIOC will fulfill its obligations regarding signature of deals with foreign companies this [calendar] year."

"I cannot say which company will be next to Total and CNPCI for signing deals with NIOC," he added, saying, however, that talks with Russian companies are going on well and will hopefully conclude within the next 2 or 3 months.