Es’haq Jahangiri said at the inauguration of Tehran Oil and Gas Show that the new model of oil contracts being drafted by Ministry of Petroleum would be “such attractive to help the petroleum industry attract the necessary foreign investment shortly.”
He said that the giant offshore South Pars gas field, which Iran shares with Qatar, holds 40% of Iran’s gas reserves. The field, he said, holds more than 14.2 tcm of gas and 19 billion barrels of gas condensate.
Jahangiri said the share of gas in Iran’s energy mix would reach 70% as new phases of South Pars are coming on-stream.
“Iran is determined to bring its oil production capacity back to the pre-sanctions level shortly after the signature of a nuclear accord in a bid to take back its position in the world oil markets,” he said.
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