5 Oil Megaprojects to Be Developed

5 Oil Megaprojects to Be Developed 5 Oil Megaprojects to Be Developed

Iran’s Oil Ministry plans to implement five megaprojects to form a knowledge-based oil industry under the sixth five-year development plan (2016-21), a senior official at the ministry said.

“The megaprojects include cooperation of universities and research centers with oil industry’s upstream and downstream sectors, indigenization of 10 groups of the industry’s needed equipment, establishment of E&P [exploration and production] and GC [general contractor] companies to receive and develop modern technology, to reinforce domestic abilities and adopt policies of market economy,” Hamid Aladpoush was quoted as saying by Shana.

"The Oil Ministry is seriously pursuing the projects that are in line with the Resistance Economy," he added.

Resistance Economy is a set of policies proposed by the Leader of Islamic Revolution Ayatollah Seyyed Ali Khamenei aimed at promoting economic self-reliance and weaning the country off heavy dependence on oil revenues.

Referring to past efforts to form a knowledge-based oil industry, Aladpoush said those efforts were not very successful and the ministry intends to develop a comprehensive plan to achieve this.

Aladpoush noted that a conference will be held on March 5 to unveil the details of these projects.