MP Calls for Prioritizing Joint Fields' Development
MP Calls for Prioritizing Joint Fields' Development

MP Calls for Prioritizing Joint Fields' Development

MP Calls for Prioritizing Joint Fields' Development

Tehran needs to step up efforts to raise production from joint oil and gas fields and attract foreign investment in the key petroleum industry, said the spokesperson for the Majlis Energy Commission.
"We need to shift our focus to speeding up the development of shared oil and gas fields. Delays in attracting foreign technology and investment cost us a great deal in revenues," Hossein Amiri Khamkani was quoted as saying by ISNA on Saturday.
The official made the statement following deals signed between the US and Saudi Arabia this week that entail spending billions of dollars on the kingdom's oil and gas industry.
“We do not know much about what is going on behind these agreements, but it’s to the benefit of Saudi Arabia to keep sticking to OPEC production cuts,” Amiri Khamkani noted.
OPEC and some non-OPEC countries on Thursday extended an agreement to cut crude supplies by a combined 1.8 million barrels daily from the first half of this year to March 2018.
According to reports, during US President Donald Trump’s visit to Saudi Arabia this week, Saudi Aramco, the country's state oil giant, signed some $50 billion worth of deals with American companies, many of which envisage investments in the digitalization of Aramco’s business, offshore and onshore rig development as well as oilfield services.
The flurry of US deals with Aramco comes as the Saudi oil giant is preparing to launch what is expected to be the world’s biggest initial public offering, in which Saudi Arabia plans to sell 5% of its national oil company, listing it on one or more international markets.
The Saudi Arabian Oil Company, known as Aramco, is reportedly the world's largest oil and gas company. It announced last week that it plans to spend $18 billion in the next five years to expand its operations in the Americas, focusing on its US oil refining subsidiary Motiva Enterprises.


Short URL : https://goo.gl/gqzOXS
  1. https://goo.gl/yRZpxK
  • https://goo.gl/hn5rPE
  • https://goo.gl/p23ET2
  • https://goo.gl/d6Tqeb
  • https://goo.gl/0aqt1u

You can also read ...

Germany Brushes Aside US Objection to Nord Stream 2
Germany brushed aside American concerns about a major natural...
Russia Launches First Floating Nuclear Plant
To meet its growing electricity needs while developing oil...
New Anti-Pollution Shipping Rules to Raise Oil Prices
International efforts to reduce air pollution has lifted the...
Abadan Refinery Gasoline  Production Capacity at 12 ml/d
In line with efforts to boost the country's oil refining...
US Petroleum Demand High
The American Petroleum Institute reported that the first four...
Annual Peak Power Demand  to Increase
The total peak electricity demand hours are predicted to reach...
Iran's downstream market has a vast potential for attracting foreign companies.
US President Donald Trump’s decision to quit Iran's...

Add new comment

Read our comment policy before posting your viewpoints