Oil Industry Essentials Outlined

Oil Industry Essentials OutlinedOil Industry Essentials Outlined

Gaining advanced technologies and ensuring proper management of Iran's oil industry are the most essential needs of this key sector, after the sanctions are lifted, deputy oil minister for international affairs, Amirhossein Zamaninia, said.

"Direct foreign investment is important, but the oil industry requires technology and management more than anything else," Shana quoted the official as saying on Wednesday. Zamaninia mentioned the high interest of foreign companies in making investment in the country's energy sector, adding that Iran's attractive oil industry will "bring in foreign investments".

Two high-ranking delegations from Spain and Austria arrived in Tehran this week to explore cooperation in several areas, including economic and energy sectors.

Earlier this year, Oil Minister Bijan Namdar Zanganeh said cooperation with foreigners in boosting oil and gas extraction "will start immediately".

However, he said joint development of hydrocarbon fields will take time.

A Bloomberg report, published on Monday, quoted four western diplomats as saying that oil and financial sanctions on Iran will probably be lifted within the first three months of 2016.

Iran and six world powers reached a historic deal on July 14 in Vienna that would limit the Persian Gulf country’s nuclear program in return for removing sanctions on its energy and financial industries.

The country plans to produce 3.8 million to 3.9 million barrels of oil a day by March, with output rising by 500,000 barrels a day soon after sanctions are lifted and by 1 million barrels within the next five months.