The National Iranian Oil Company needs investment worth $10 billion to refurbish the petroleum industry’s dilapidated equipment, an energy analyst said.
“It will be next to impossible to raise oil output unless dilapidated upstream oil sector machines and gears, including pumps, compressors and rigs, are upgraded,” Seyyed Mehdi Hosseini was also quoted as saying by ILNA.
The upstream oil sector includes the exploration of potential underground or subsea crude oil and natural gas fields, drilling of exploratory wells and subsequently operating the wells that recover and bring crude oil and natural gas to the surface.
Iran’s oil industry is facing major challenges, especially since 2018 when the US unilaterally withdrew from the 2015 nuclear deal between Iran and six world powers, and reimposed economic sanctions, including on the oil, tech, banking and transport sectors, he added.
August 30, 2021 18:31
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