"[Possible] sanctions will increase our costs and cause [implementation of] our projects to last longer, but we are not worried," Nouroddin Shahnazizadeh said.
"The oil production from the South Azadegan [oil field] has increased from 30,000 b/d to 100,000 b/d owning to domestic capabilities. Therefore we can still continue with development with the help of domestic capabilities," he added.
He was answering questions about a possible decision by US President Donald Trump to quit the nuclear deal between Iran and six world powers, and re-impose sanctions on Tehran.
"Sanctions are not good, but we are not worried and we don't fear them," said Shahnazizadeh. "We never welcome sanctions, but even if new sanctions grip the petroleum industry we will strongly and firmly continue our development activities, as we have already done."
He said that European companies were engaged in talks with Iranian companies with a view to more cooperation.
PEDEC administers oil industry projects in the West Karoun area, which houses fields shared with neighboring Iraq. PEDEC is currently supplying up to 350,000 b/d of oil, which is expected to exceed 450,000 b/d by next March.
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