Speaking at
a meeting of senior officials at Khazar Exploration and Production Company
(KEPCO), Reza Dehghan, deputy director of development and engineering at NIOC,
said that developing the oil industry in the Caspian region was becoming more
economically justifiable as more exploration activities were being carried out
in the region by KEPCO, Shana wrote.
He said
development and production activities in the Caspian region were inevitable,
adding, it was necessary to follow up on the efforts of senior KEPCO executives
and continue negotiations with foreign companies proficient in deep water
drilling.
The official
pointed out the attractiveness of the development of oil industry in southern
regions of the country, adding: "However, there is a need to attract
initial capital to accelerate the process of exploiting the hydrocarbon resources
in this geopolitical area.”
He said
according to the estimates by international energy agencies, the golden age of
oil in the world would be at most 30 years later, and projections showed that
in the next 30 years the role of oil in the global energy mix would dwindle
while renewables would bolster.
“Given the
advancement of technology in the world and the capabilities of domestic
contractors and companies, it is imperative to pursue the exploration,
transfer, and development of oil industry in the south and north of the
country,” Dehghan further added.
Referring to
oil production capacity in Iran, he said the country's oil output could be much
higher than 4 mbd.
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