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NIOC Rejects Compromise on Oil Market Share
NIOC Rejects Compromise on Oil Market Share
  1. Energy

NIOC Rejects Compromise on Oil Market Share

  1. Energy

NIOC Rejects Compromise on Oil Market Share

Iran will not compromise on its oil production under an initiative led by the Organization of Petroleum Exporting Countries to cut supplies for propping up prices, the head of the National Iranian Oil Company said.
“Today's global oil industry is like a battleground and Iran must maintain and increase its production capacity to secure a fair share of the market share,” Ali Kardor was also quoted as saying by IRNA.
OPEC officials met in Vienna on Friday and Saturday to work out the details of their plan to reduce production but failed to reach agreement after hours of talks, amid objections by Iran, as it is determined to boost output to the level it was producing before the West imposed sanctions over its civilian nuclear program, OPEC sources said.
The High-Level Committee of Experts will meet again in Vienna on Nov. 25 ahead of the next meeting of OPEC ministers on Nov. 30, to finalize individual quotas.
OPEC had agreed last month in Algiers to reduce their oil production to a range of 32.50 million to 33 million barrels per day, OPEC's first output cut since 2008.

  Empowering Domestic Companies
Kardor, who is also a deputy oil minister, stressed that the state-run NIOC is encouraging its subsidiaries to take on exploration and production projects.
“We are planning to help these companies seal contracts with local and international firms to turn intro general contractors of Iranian oilfields,” he added.
Kardor noted that the vetting process for Iranian oil and gas companies for partnership with foreign contractors is over and 11 enterprises and conglomerates have been approved for exploration and production activities under the terms of Iran Petroleum Contract, the country's new model of contracts for oil and gas projects. Under the new framework, foreign companies should partner with an Iranian firm in oil and gas development projects and share their knowhow.
The official noted that international oil giants are also preparing and submitting the required information to NIOC.
Iran hopes to sign two or three deals with multinationals worth $10 billion by March 2017.

 

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