(Persia Digest) – At the opening ceremony of the 3rd Iranian Petroleum & Energy Club Congress and Exhibition (IPEC) in Tehran running from 10-12 October 2017, Iran’s Petroleum Minister, Bijan Zangeneh outlined the Ministry’s priorities and said: ‘I have said this in Parliament before and will say it again, we can have different opinions but we don’t have to be enemies. We are all part and parcel of the job.’

Zangeneh went on to say this was the 3rd Congress organized by the Ministry’s Petroleum & Energy Club and hoped it would be successful in carrying out its duties outside the usual governmental frameworks. The Club has less than 200 members who have been meeting on a monthly basis since 2014 to discuss new ideas and innovations. He said that allegations of acting on insider information are false and the Club can be a think tank attracting younger brains for optimal innovations.

He also outlined the Ministry’s priorities by saying: ‘Attempts are being made to elucidate the situation of all common oilfields by the end of the 12th government. Of course, elucidation does not necessarily mean the complete development and operation of these fields, but the framework for assignments and developments will be finalized.’ Referring to the satisfactory progress of negotiations, he said the two main priorities being considered when signing new contracts are joint fields developments and increased recycling; the main focus here is on contracting credible foreign companies in partnership with domestic companies.

Zangeneh announced a USD 5BN package for increasing oil and gas productions, and said: ‘This package must be implemented within the next two years. The two main objectives here will be to drill new wells and carry out repairs in companies such as the Iranian Offshore Oil Company (IOOC) and in our southern oil fields. He added: ‘Credits allocated to the projects will not exceed USD 300MM. The packages have been set out for a return of investment over a 3-year period. Funding will be provided by the source itself.’

To wrap up, Zangeneh reiterated that all Iranian companies had been invited to take part in the projects; of course, domestic companies can also use foreign partners for capital financing.

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