Jan 16, 2024, 5:00 PM

NIOC to clinch major contracts to increase oil, gas output

NIOC to clinch major contracts to increase oil, gas output

TEHRAN, Jan. 16 (MNA) – The chief executive of the National Iranian Oil Company (NIOC) said that his company plans to ink important contracts in the near future to increase the oil and gas production volume.

Since Iran is rich in oil and gas reserves, production of oil and gas will continue within the next 90 and 100 years, Mohsen Khojastehmehr said.

Speaking in a meeting to introduce the investment opportunities in drilling services within the framework of the guaranteed purchase contracts, the deputy oil minister emphasized that economic growth strictly hinges on economic prosperity and the objectives of the economic prosperity are materialized with booming business activities.

Khojastehmehr went on to say that important steps will be taken at the National Iranian Oil Company for a booming economy in line with securing the interests of all walks of life in the country and predicted that Iran’s economic growth will hit eight percent by the end of the 7th Five-Year Socioeconomic and Cultural Development Plan. 

The deputy oil minister put the current crude oil and natural gas reserves in the country at 340 billion barrels of oil.

Iran will continue producing oil and gas within the next 90 to 100 years, he highlighted.


News ID 210887


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