In the Second Oil Industry Legal and Contracts Ordinance seminar, Seyfollah Jashnsaz emphasized that the present industry contracts and regulations are not sufficient to create such investment.
The basis for the amount of investment within the civil planning of the country will be issued, this is where Jashnsaz made his statements.
Jashnsaz continued: This means that $30 billion of investment is required each year of which 17 billion must be provided from foreign sources. One of the greatest problems faced by the oil industry is investment. To attract the foreign amounts mentioned, legal policies and oil industry contracts must be implemented.
Jashnsaz went on: The present structure for contracts will not be able to provide the mentioned requirements and the subject has been announced at various committees in the parliament.
NIOC MD stated: It is possible to extract about 140 billion barrels of oil and 28 trillion cubic meters of gas in the country but this will only be possible if the mentioned reserves can be converted and this is only possible through investment.
Jashnsaz concluded: We believe that the present legal and contracts structure of the oil industry is not efficient because if it had been, we would have achieved 100% of our goals.