No Country Can Fill Iran Oil Void
Iran’s Minister of Petroleum BijanZangeneh has said no country could supplant Iran in the oil market as US sanctions target Iran’s oil exports.
Asked if Saudi Arabia, the United Arab Emirates and Iraq would be able to fill Iran’s void due to US sanctions, Zangeneh said: “No country can fill our oil [void], but they have their own production.”
In response to a question if decline in Iran’s oil exports would harm oil wells, he said: “The wells will not be damaged, but if production halt lingers on, time and money would need to be spent for their reactivation.”
Zangeneh said the oil tanker incidents in the Persian Gulf had not yet affected Iran’s oil exports. “But we have to monitor all these conditions. We are faced with tanker restrictions. The US and its allies are making us face restrictions,” he added.
Zangeneh was also asked about the non-dollar European trade mechanism Instex. He said: “I’m not aware of the latest developments, but Instex will not be effective without oil money deposited in.”
The minister said the Committee of Contracts had to undergo necessary training by the Office of Deputy Minister for Engineering, Research and Technology so that successful bidders would be chosen rightfully.
He said vaguely-worded contracts would cause problems. “We have to resolve issues before they emerge; otherwise, any problem has to be resolved soon.”
2-Exploration Starts in KopehDagh
The ExplorationDirectorate of National Iranian Oil Company (NIOC) has in partnership with an Iranian-European consortium embarked on gravimetric and magnetometric data gathering in Eastern KopehDagh in Khorasan Razavi Province.
Ali Moallemi, deputy CEO of NIOC for exploration, said: “These operations were undertaken following instructions from the Minister of Petroleum and the Supreme Council of Exploration regarding decision-making about sedimentary pools. Such issues as acquiring basic information, completing exploration data and the significance of gas exploration for energy supply to northeast Iran underline the strategic significance of this project in light of distance from the main gas production centers.”
Referring to the details of the project, he said: “The contract for this project was awarded to an Iranian company following a tender. In a bid to benefit from modern methods and new systems, this company has taken a European partner.”
He added: “Gravimetric and magnetometric operations are to be carried out to reduce exploration risks and obtain basic data in Eastern KopehDagh on 10,000 square kilometers in Khorasan Razavi Province. The project is forecast to last 10 months.”