NISOC Output to Fall if No New Investment Made

A senior Iranian parliamentarian has warned that oil fields run by National Iranian South Oil Company (NISOC) would see their production decline in case no fresh investment is made.

“In case the current trend continues we will witness production fall in oil-rich areas in the south,” Gholam-Reza Tajgardoun, who chairs the planning and budgeting committee of Iran’s parliament, said.

He added that urgent measures are needed to be undertaken for aging installations in southern Iran.

“As the representative of the city of Gachsaran, I call on you to find a solution to the renovation of aging oil installations in the south,” he asked Iran’s petroleum minister Bijan Zangeneh.

He warned that the country would be harmed should this issue not be taken seriously.

NISOC currently supplies more than 3 mb/d of oil with Gachsaran accounting for more than 600,000 b/d.

“I hope that oil production and the renovation of decrepit facilities would be focused upon seriously,” said Tajgardoun.

(Source: PEDEC)

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