TEHRAN – A review by the consolidated planning department of the National Iranian Oil Company (NIOC) showed that 56 percent of the company’s investment resources have been allocated to the development of joint oil and gas fields in the current Iranian calendar year (which ends on March 20).

As reported by IRIB news on Saturday, of the remaining 44 percent, 33 percent has been allocated to optimizing and maintaining production levels at the active oil and gas fields, 2 percent is used for infrastructure and construction projects in oil rich regions and final 9 percent is spent on other oil and gas projects.

Iran’s oil industry has been strongly focused on developing joint oil and gas fields, aiming to increase the seven-percent share of such fields in the country’s oil production.

In August 2017, Oil Minister Bijan Namdar Zanganeh put attraction of investment for development of Iran’s shared oil and gas fields as the main priority of the ministry.

Completing development phases of South Pars (the huge gas field Iran shares with Qatar in the Persian Gulf), rebuilding and renovating oil installations, second leap in the petrochemical output, and no natural gas flaring were also among the ministry’s top priorities.

EF/MA