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EghtesadOnline: Minister of Petroleum Bijan Zanganeh said on Tuesday that Iran must make 100 billion dollars investment in upstream oil industry.

Zanganeh made the remarks on the sidelines of a ceremony for inking contract to which National Iranian Oil Company (NIOC) and Persia Oil & Gas Industry Development Co. (POGIDC), affiliated to Tadbir Energy Development Group, are signitories, reports IRNA.

Zanganeh said Enhancement of Recovery (EOR) of such oil fields as joint fields should be turned into national demand.

He said the main and pivotal goal of the oil industry in enforcing the new model of oil contracts is increasing recovery from the reservoirs, expressing hope that EOR will become a national concern.

'I hope that this goal will turn into a national demand,' Zanganeh said in the ceremony.

Zanganeh said Ministry of Petroleum welcomes cooperation with all companies that will help the oil industry by providing it with capital and use of the latest technologies for recovery enhancement.

He said that Yaran, Maroon and Koupal fields that are subject of the contract.

'Our main goal in all the three fields is enhancing oil recovery.' 

The minister said several oil contracts will be signed by March 20, marking end of the current Iranian year of 1395.

Zanganeh said the contracts, to be signed by the second half of the current Iranian year, will be within the framework of the new model of oil contracts.

Asked about which foreign company bids for cooperation with Iranian oil projects, Zanganeh said there are many foreign companies.

Zanganeh said up to now, many Memoranda of Understanding (MoU) with the theme of studies have been signed with foreign companies. 

'Based on several confidential contracts, which have been signed so far, foreign companies are busy studying the fields that are subject to the contract.'

Responding to a question about the oil market reaction to the OPEC decision about the level of production of its members despite lapse of about one week from the Consultative OPEC Ministerial Meeting held in Algeria, Zanganeh said the market reaction has been positive so far. 

Cooperation on part of the non-OPEC states can be effective,' said Zanganeh.

He said that the market has positively reacted the decision made by members of the Organization of Petroleum Exporting Countries (OPEC) in their informal meeting in Algeria.

Zangeneh said the more such agreements become operational, things will get better.

'The market reaction has been positive,' he said.

He said that any removal of surplus of the oil supply will help improve things, adding, 'Especially, cooperation of non-OPEC producers would be effective.'

Bijan Zanganeh Iran oil Iran oil industry