Iran Can Produce Oil, Gas for Next 100 Years, NIOC Chief Says

Iran Can Produce Oil, Gas for Next 100 Years, NIOC Chief Says

TEHRAN (Tasnim) – Given the existing reserves in the country, Iran is capable of producing oil and gas for the next 100 years, the managing director of the National Iranian Oil Company (NIOC) said.

Mohsen Khojastehmehr made the remarks in an address to a ceremony held to commemorate the 115th anniversary of Iran’s first oil exploration in Masjed Soleyman, southwestern province of Khuzestan.

The NIOC has a 100-year vision for exploration, he said, emphasizing that the company is determined to carry out maximum exploration operations in order to discover and maintain the country’s reserves.

Khojastehmehr said one of the reasons behind the enemy’s decision to impose sanctions on Iran is the country’s rich oil and gas deposits and its experts’ plan to prevent selling raw materials and complete the value chain.

Some part of the value chain should be formed in Masjed Soleyman, he said, adding that the second stage of Masjed Soleyman oilfield’s development plan is on the agenda but needs a thorough study, SHANA reported.

He went on to say that the company has currently drilled more than 6,000 equipped oil wells throughout the country, about 73 percent of which in the gas sector has been drilled after the glorious victory of the Islamic Revolution.

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