Iranian oil ministry proposes to form an international gas producing organization

Published September 29th, 2000 - 02:00 GMT

The Iranian oil ministry is currently evaluating a proposal by the Iranian Energy Studies Institute to form an international gas producing organization, reported Al-Watan daily.  


The institute has announced that such an organization will be responsible for making adequate decisions regarding the sharing of international markets.  


Moreover, it stated that the work mechanism of this entity will be different from that of OPEC. 


Over the past few months, Iran has begun to promote several new gas development projects. As the holder of the world’s largest natural gas resources, Iran aims to develop this sector as an eventual replacement for oil.  


Some local specialists have recently stated that within ten years, Iran will not be able to export oil due to its large consumption rate and, therefore, has begun to develop its gas industries.  


Iran has recently opened the gas sector for direct foreign investments, following substantial gas discoveries reported over the past five months. 


A senior source at the Chinese National Oil Corporation has revealed their obtaining of an $85 million contract to excavate 19 natural wells in Iran. The source added that this is the largest contract awarded to the company outside China.  


The digging operations of these wells will be executed by two subsidiaries of the company, The Chinese Petroleum Technical Services Company and The Chinese Technology Development Company. –(Albawaba-MEBG) 


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