Oil Industry Overhaul Vital to Higher Output

A comprehensive overhaul of the oil industry, including renovation of decades-old infrastructures, and investments are needed to develop oilfields and increase crude output.
However, Mohammad Reza Moqaddam, a former director for research and technology at the Oil Ministry, is of the opinion that such a move is hampered by a score of reasons, the biggest of which is the sector's huge debts, Mehr News Agency reported.
Facing an enormous debt of $30 billion, the state-owned National Iranian Oil Company is experiencing difficulties in embarking on measures such as renovation of its dilapidated equipment and facilities, he added.
According to the ex- official of Oil Ministry, comprehensive planning and major funds are imperative to rebuild the infrastructure.
Following the lifting of nuclear sanctions in 2016, measures have been taken to enhance productivity in the sector.