Aminzadeh: Oil, gas contracts should be transparent

EghtesadOnline: Vice-President for Legal Affairs Elham Aminzadeh said on Sunday that upstream oil and gas contracts should be crystal clear and transparent.

News ID: ۷۶۸۰۵۵

12 July 2016

She made the remarks in a statement to the International Seminar of Optimizing Upstream Oil and Gas Contracts, underway in the Faculty of Law and Political Sciences of Allameh Tabatabaie University, IRNA reports.
Aminzadeh said that despite being rich in oil, Iranian oil has over the past 100 years been suffering from the strong and weak points.
It requires application of macro energy mechanisms along with political, military and cultural power to gain maximum victory and minimum failure, she added.
She said that a reservoir of 157 billion barrels of crude is a strong point and they are estimated to last for about 128 years.
Furthermore, Iranian natural gas reserves are estimated to be about 33 trillion cubic meters coupled with young workforce and well-credited educational centers running in conformity with international standards, said Aminzadeh, adding that all those account for Iran's strong points.
She said failure to protect oil reserves are among weak point of the country, adding that low level of reserves' engineering science are additional to the failures.

As for joint oil and gas fields, Aminzadeh said a great deal of oil and gas lie in the fields, whose recover is costly.

On the other hand, she said that on political, economic, industrial and technical grounds, the level of oil recovery from the reserves is low.

She said that as per the guidelines of the Supreme Leader, new amendments will made to the context of oil contracts.