NIOC to Offer at Least 40 Projects in London

Source: www.gulfoilandgas.com 12/8/2014, Location: Asia

NIOC plans to offer 40 to 50 projects for development in London conference which is slated to be held in March 2015 concurrent with introducing its new oil contract frameworks named Iran Petroleum Contracts (IPC).

NIOC’s deputy for integrated planning Moshtaghali Gohari made the remarks today in a press conference, adding NIOC has decided to introduce at least 40 oil projects during the two day conference.

Gohari said a number of these projects are related to development of remainder phases of South Pars gas field and other gas fields in onshore and offshore sectors as well as exploration and development of other oil and gas fields, mostly new ones.

Replying to a question on meeting financial needs of projects following falling oil prices, Gohari said: “NIOC as an economic and producing enterprise relies on domestic resources and can invest them according to laws whenever needed.”

He further noted that NIOC usually provides 40 to 50 percent of expenses of the projects through domestic resources and the figure sometimes reaches as high as 70 percent.

“Energy Fund, bank credits and facilities, Rial and foreign exchange bonds, foreign exchange reserves of National Development Fund (NDC), buyback deals, finances and refinances are among the vast financial instruments NIOC has access to for funding its projects,” NIOC top official told the press.

Elsewhere in his remarks he said: “NIOC has started using bonds for development of its projects since four years ago in South Pars projects and extended them to other oil industry’s projects a year later.”

According to Gohari, 18 billion dollars have been planned for investment in upstream sector for the first eight months of current year, of which 7.5 billion dollars have been absorbed, half of them through domestic resources of NIOC.

He predicted investment in upstream sector of oil industry will hit as high as 22 billion dollars over the next Iranian calendar year, begins March 21 2015.

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