Iran: Focus on Private Firms to Expand Oil Exploration and Production

Untapped hydrocarbon reserves are huge and encouraging the private sector to enter this key sector should be a priority.
Seyyed Saleh Hendi, the head of National Iranian Oil Company's Exploration Department made the proposal   Sunday after signing a memorandum of understanding with Tenco Exploration & Production Corporation to study Toudaj oil and gas block in Fars Province.
Tenco, which specializes in drilling, seismic, refinery and upstream projects, is among the 11 conglomerates approved by the NIOC to develop oil and gas fields in the framework of Iran Petroleum Contract, Iran’s new model of tendering oil and gas projects.