TEHRAN, Sept. 9 (MNA) – The volume of operations for developing the oil and gas fields in the Persian Gulf is unprecedented in the history of Iran’s oil industry. This is indicative of the National Iranian Oil Company (NIOC)’s firm resolution to restore the country’s national interests, noted managing director of Petroiran Development Company (PEDCO).
“Signing six buyback contracts since 2000, the Petroiran Development Company has totally invested over three billion dollars mainly in developing joint oil fields in the region”, said the PEDCO chairman Mostafa Khoyi.
He asserted that establishment of PEDCO has filled the macro-management gap formerly existing in Iran’s oil industry all throughout its one-hundred-year history.
Referring to the buyback contracts to develop Nosrat and Farzam oil fields, Salman Oil and Gas Field, Foruzan and Esfandiar oil fields as well as supervision over 25 percent of the Azadegan Oil Field Development Plan, South Pars Oil Layer and Bangestan Development Plan the official maintained that, plans are underway in the NIOC to allocate the 25-percent share of the Niku Company in Azadegan Oil Field Development Plan to Petroiran Co.
He added that if approved, the volume of the buyback investments made by Petroiran would amount to over 3,250 million dollars, Iranian Students News Agency (ISNA) reported.