Streamlining NIOC to Cut Project Timelines: Iran's Paknejad

Oil Minister Mohsen Paknejad said the National Iranian Oil Company must be streamlined to shorten project execution timelines.

Paknejad said Saturday during a meeting of the Oil Ministry’s deputy ministers focused on reviewing the legal capacities of Paragraph “A” of Article 15 in Iran’s Seventh Development Plan, that the provision is one of the plan’s strong legal tools.

He stressed the importance of implementing the law and using its capacities to advance and develop oil fields, adding that NIOC must become more agile to reduce project execution times.

During the meeting, Sajad Khalili, the deputy minister for hydrocarbon resources oversight, presented a report on scenarios for monetizing oil resources.

Participants also discussed proposals for developing oil fields, and NIOC was tasked with preparing a report on fields covered under Paragraph “A” of Article 15 of the Seventh Five-Year Development Plan. - Shana