Elaborating on the issue, Mr. Qalebani noted development contract of six fields had already been signed while contracts concerning other 18 oil and gas fields would be signed until the end of the year.
Speaking at a press conference, NIOC’s top official said: Despite some difficulties, we have been able to invest 15.5 billion dollars in upstream sector this year which is expected to rise to 20 billion dollars up to the end of the year.
‘Under the current year’s budget and Fifth Five Year Development Plan 36 billion dollars should be invested in upstream sector in order to raise oil production capacity to 5.4 million barrels per day, Qalebani noted.
Elsewhere in his remarks he said this year new oil contracts had been signed to develop shared oil and gas fields.
Referring to issuance of pre-sale oil bonds in near future, the official stated that the matter was passing its final administrative procedures expressing hope remarkable amounts of money to be absorbed by the oil industry projects in this way.
On gas production, NIOC’s managing director said that gas production capacity would rise by 100 million cubic meters per day as of next year.
In connection to the impact of currency rate fluctuations on oil industry, Qalebani stated: Normally by rising rate of foreign currency in the market, the cost of oil industry’s imported items would be increased. He expressed hope economic and financial authorities to stabilize the rate of currency for the long run which according to the official, in turn would lead to stability in implementation of oil projects.
