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Oil Industry in Need of Fresh Blood for Development: Official

 Oil Industry in Need of Fresh Blood for Development: Official

Monday، 04 March 2019 | Article Rating

TEHRAN (Shana) -- An official with the National Iranian Oil Company (NIOC) said Iran’s oil industry needed new blood and fresh ideas for development.

Addressing the 6th Drilling Industry Congress and Exhibition here in Tehran on Saturday, Seyed Saleh Hendi, director of exploration at NIOC, said of over 250 oil reserves ever discovered in Iran, still 120 were undeveloped and 100 gas reserves were yet to be developed in the country of a total of 130 despite all the hardships Iran’s oil industry had undergone over the past century.

He said Iran’s oil industry was in need of fresh blood in order to progress.

“Although great achievements have been made in the industry over the past 40 years (since the victory of the Islamic Revolution), this does not mean that things could not have been done in a better way and there is still a lot that needs to be done in the sector,” the official said.

Hendi added that a lot had been done in exploration of unconventional oil resources including shale oil and gas in Iran, but development of unconventional reserves was not a priority for NIOC for the time being and the private sector is needed to step in the sector.

This year's event includes 30 specialist panels, 5 workshops and over 100 presentations and lectures on the dimensions and requirements of projects on enhancement and maintenance of production from the technical, financial, legal, contractual, insurance and risk management viewpoints.

Moreover, reviewing business strategies in exploration and production companies, general contractors, drilling companies, and technical services is top on the agenda of the congress.

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Pasargad Energy Development Co. (PEDC) is an independent energy company based in Iran. PEDC is an integrated energy company whose activities span the entire value chain including exploration, production, refining, petrochemicals marketing, power generation & renewables as well as new high-tech venture capitalizing. Our headquarter is located in Tehran. PEDC is present across the Iranian continental shelf and international market through its subsidiaries. We create value for our shareholders through active investment, high-level monitoring of our projects, building world-class partnership and managing our risks effectively and making balanced portfolio. Meantime, we contribute to the sustainable development of the energy sector and communities in our country. PEDC’s competitiveness relies upon our values-based performance culture, with a strong commitment to transparency, cooperation and continuous operational improvement. As a wholly owned subsidiary of the Pasargad Financial Group, with Pasargad Bank being a distinctive shareholder, we owe our success to our experience, management knowledge and strong local/international partnerships since 2008. PEDC is committed to maintaining sustainability and being recognized as the strategic partner of choice in Iran’s energy and petrochemical sector.​

  • Oil Industry in Need of Fresh Blood for Development: Official
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