Iran to Launch New Oil Projects Soon: Official

TEHRAN (Tasnim) – An Iranian oil official said the country plans to introduce more than 50 new oil projects to investors soon after the Joint Comprehensive Plan of Action (JCPOA) between Iran and world powers is implemented and the ensuing sanctions against Tehran are lifted off.

Iran to Launch New Oil Projects Soon: Official

Seyed Mehdi Hosseini, head of Iran's Oil Contracts Restructuring Committee, told the Oil & Money conference in London on Tuesday that the exploration and production contracts would be introduced in Iran this year and at a conference in the British capital in February 2016, Reuters reported today.

The Oil & Money conference kicked off in London and will come to an end on October 7, 2015.

"Immediately after sanctions are lifted, maybe we within some months we can add at least 500,000 barrels per day (bpd). It does not take that long," Hosseini told reporters on the sidelines of the conference.

"After that we are targeting another 1 million. Maybe in less than a year we can come to our pre-sanction capacity of around 4 million bpd,” he added.

Iran and the Group 5+1 (Russia, China, the US, Britain, France and Germany) on July 14 reached a conclusion on a lasting nuclear agreement that would terminate all sanctions imposed on Tehran over its nuclear energy program after coming into force.

The promising prospect of trade with Iran has prompted many countries to explore the market potential in the populous Middle East nation.

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