Iran to work oil recovery rates

Sept. 19, 2013 at 7:13 AM

TEHRAN, Sept. 19 (UPI) -- Iran's oil fields should be attractive not only to national oil companies but to foreign investors as well, the oil minister said.

Iranian Oil Minister Bijan Zanganeh told the ministry's news site Shana the government is working with Parliament on reforming the structure of Iran's oil contracts.

"Part of the future projects will be enhancing recovery rate projects which will be implemented in Iran's mature oil and gas fields and I have decided to put implementation of more than 10 such projects on the agenda," he was quoted as saying Wednesday without elaborating.

Zanganeh was appointed in August by Iranian President Hassan Rouhani. He's held several energy-related Cabinet positions with previous administrations.

The minister told officials at the National Petrochemical Co. this week he was bringing more than a decade's worth of experience to the table to stimulate Iran's energy sector.

He vowed to overhaul an Iranian energy sector handicapped by Western sanctions designed to rob Iran of export revenue it could use to finance a controversial nuclear program.

The Organization of Petroleum Exporting Countries said in last month's market report Iran produced approximately 2.6 million barrels per day in July.

Iran was once the No. 2 oil producer among members of OPEC. It's fallen to the No. 6 spot.

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