The announcement was made by Managing Director of the National Iranian Oil Company (NIOC
) Ahmad Qalebnai, adding that this amount of investment took place despite sanctions.
(NICO), a Jersey-registered unit of NIOC
's Int'l operating in London, has been financing NIOC
's E&P and other projects as well as trading in Iranian and other crudes on the spot market.
Ahmad Qalebani, the managing director of the NIOC
, said only 20 percent of the bonds marketed a few weeks ago have been sold, far short of what the NIOC
needs to fund its investments to maintain the current level of oil production, let alone increase it.
Statements by some NIOC
officials had shaken Crescent customers' confidence in NIOC
's commitment to the contract, the UAE firm said.
He is rated as the third most important man at the oil ministry and NIOC
. A very practical man, Husseini is shrewd.
The CEOs of NIOC
CEO (Ali Kardor) and PEDC (Mehdi Mir Mo'ezi) signed the contract here in Tehran on Sunday, only three days before the New Year in Iran.
(Pedco), a NIOC
unit, is a BBC-holding operator developing some of the offshore oil and gas fields (see gmt15IranFields13Apr15).
has been saying that every new barrel of crude oil added to Iran's production capacity costs about $7,000-7,500.
To accelerate exploration and raise oil output, NIOC
in 1957 was authorised to have 50-50 JVs with foreign oil firms covering areas outside IOP's acreage, mainly in offshore blocks in the Persian Gulf.
He pointed to implementation of ongoing projects worth more than 120 billion dollars by NIOC
, announcing completion of the projects will be followed by doubling gas production from South Pars gas field in next one or two years.
and Crescent signed the 25-year contract in 2001, with a price linked to oil when oil averaged $23 a barrel.