Iran looking for investments in its oil industry, minister says

Tehran (IP)- Iranian oil minister voiced ministry readiness to tap the potentialities of domestic and foreign investors in oil and gas projects.

Iran Press/Iran news: Speaking to reporters during a visit to Fath 25 Oil Rig in the southwestern province of Khuzestan on Friday morning, Javad Owji said: "I thank God that I succeeded in making my third provincial and business trip to Khuzestan province where 74% of the country's oil production comes from its fields.”

Underlining the importance of maintaining production in the country's joint oil and gas fields, he added: "We promised Iranian President Ebrahim Raisi that the fate of joint oil and gas fields will be determined during the present administration, and some of these joint fields are in Khuzestan province and Iraq; in this visit, we will review the process of projects and contracts that have been signed for production maintenance and their progress.”

Owji further said plans were underway to maximize production in joint fields, adding: "With more than 153 billion barrels of extractable oil, we have a good capacity for production from these reservoirs and oil fields.”

"We are ready to use the capacity of domestic and foreign investors to develop the fields, with the priority of joint oil and gas fields," Owji said.


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