Iranian minister: Re-election of Hassan Rouhani to presidency should boost investments

# 12:16
26 May 2017

Iran hopes to sign groundbreaking deals with oil majors such as Total and Lukoil this year as the re-election this month of reformist Hassan Rouhani to the presidency should boost investments, Reuters reported.


Iran's veteran oil minister, Bijan Zanganeh, told Reuters in an interview he saw his country adding around a quarter to its production capacity in the next five years thanks to new projects with international companies.


The development of new fields as well as improved oil recovery from mature reservoirs should allow Iran to have the capacity to pump 5 million barrels per day, or 5 percent of global crude, versus 4 million bpd now.


Gas condensate output capacity should increase to 1 million bpd from about 600,000 bpd now.


"One important step was the election, because in this election Iranian people said 'yes' to positive interaction with the world," Zanganeh said in Vienna after a meeting of the Organization of the Petroleum Exporting Countries.


"I hope this message will be understood positively ... especially by the superpower in the world," he said in a clear reference to the United States, which has had sanctions against Iran since the 1979 Iranian revolution.


"It is not the time to trigger actions against Iran," he said. U.S. President Donald Trump has threatened to impose new sanctions against Iran.


Zanganeh said he hoped Iran would sign oil deals this year with France's Total, Russia's Lukoil as well as Danish Maersk and maybe Indonesia's Pertamina. Talks are focusing on the development of fields such as South Azadegan, Yadavaran, West Karoon, Mansuri and Abe-Timur and oil layers in the giant South Pars gas field.


Earlier, Deputy Oil Minister Amirhossein Zamanini told APA that SOCAR also may participate in Iranian projects.