MEOG: Iran confident on future production

National Iranian Oil Co. (NIOC) managing director Mohsen Khojastehmehr said last week that Iran can produce oil and gas for the next 100 years thanks to its present-day reserves.

Khojastehmehr made the remarks in his speech during a ceremony to commemorate the 115th anniversary of Iran’s first oil exploration in Masjed Soleyman, in the south-western province of Khuzestan.

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

Khojastehmehr also said that 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 emphasised, saying that the second stage of Masjed Soleyman field’s development plan is on the agenda but needs a thorough study.

In a separate development, Iranian Oil Minister Javad Owji said over the weekend that the country’s offshore gas condensate storage has been fully depleted.