On the second day of the 3rd annual Congress of the Iran Petroleum and Energy Club (IPEC), senior managers from National Iranian Oil Company (NIOC), National Petrochemical Company (NPC), as well as representatives of foreign companies exchanged views about opportunities for investment in Iran’s petroleum industry in light of challenges and advantages.


The unique standing of Iran in terms of enjoyment of hydrocarbon reserves was emphasized. So far, half of Iran’s hydrocarbon reserves has been depleted and fresh investment has been planned.

Three panel discussions were held on the second day of the event; two on upstream sector and the other on petrochemical sector. The first panel on upstream oil sector was presided over by Gholam-Reza Manouchehri, deputy CEO of NIOC for development and engineering.

Manouchehri referred to Iran’s hydrocarbon reserves, saying: “Iran is among countries with huge volume of hydrocarbon reserves. It has potential reserves which could be developed.”

He said Minister of Petroleum Bijan Zangeneh had instructed studying all reservoirs in the country.

“These studies could lead to increasing the volume of in-place hydrocarbon reserves in Iran. Domestic consultants will be hired while foreign consultants will also contribute so that the ground would be paved for a jump in the petroleum industry,” said Manouchehri.

He enumerated the advantages of investment in Iran as rich hydrocarbon reserves, security, transportation infrastructure, formation of exploration and production (E&P) companies, activity of different oil service companies as well as Iranian oil experts.

Manouchehri said Iran could still produce oil and gas for 100 and 166 years respectively, adding: “It seems that in light of production from major unconventional reserves in the world, growth in renewable energies and oil production-consumption curve, we should count on oil at $40 to $60 a barrel for four to five years. Therefore, we have to adapt our oil economy and production economy with this figure.”

He advised NIOC subsidiaries and development companies to manage their costs in a bid to have more profitability.

Manouchehri went on to highlight the establishment of working committees to negotiate Iran Petroleum Contract (IPC) deals and follow up on the development of fields.