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Iran should pave ground for large oil companies’ presence in country: Expert

12 Jun 2017 - 14:24

June 12, The Iran Project – An Iranian economic expert has stressed the importance of large oil companies’ presence in the country for developing oil and gas fields.

Without the presence of large oil companies in the country, Iran’s oil can not play a significant role in the global oil market, Morteza Behrouzi Far said, adding Iran does not have enough money to invest in this field and more than 70% of the resources necessary for the development of oil and gas fields should be provided by the world’s big oil companies.

Behrouzi Far noted that to develop its hydrocarbon resources, Iran needs three elements of capital, technology and advanced management of the world’s giant companies.

The presence of large oil companies in the country can actualize Islamic Republic’s oil and gas potentials, he emphasized.

Referring to the importance of the JCPOA for the development of Iran’s oil and gas fields, the Iranian expert said after the removal of international sanctions against Tehran, we could develop South Pars gas field, increase oil production, improve marketing, and pave the ground for the investment of large oil companies in the country.

Iran and the five permanent members of the United Nations Security Council - the United States, France, Britain, Russia and China plus Germany - signed the landmark nuclear agreement on July 14, 2015 and started implementing it on January 16, 2016.

Under the nuclear agreement, Iran undertook to put limitations on its nuclear program in exchange for the removal of nuclear-related sanctions imposed against the country.

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