Conference on possibilities of Iranian oil and gas industry to take place in Tehran

The II international conference on technological possibilities of Iranian oil and gas industry is planned to be held in Tehran on September 30, 2015. Mohammad Reza Katuzian, head of the Iranian Oil Industry Institute, said that the main goal of the conference is increase in oil production on the fields developed by Iran jointly with its neighbors.

Mahmud Vayezi, Iranian Minister of Communication and Information Technologies, co-chairman of the Iranian-Azerbaijani intergovernmental commission on economic, commercial and humanitarian cooperation, said that talks on this issue are already in progress with Azerbaijan.

Mehdi Mohtashami, head of the Secretariat of the Azerbaijani-Iranian intergovernmental commission on cooperation in trade, economic and humanitarian fields, specified that Tehran would like to buy a share in the trans-Adriatic gas pipeline (TAP), which envisages Azerbaijani gas export to Europe.

The energy capacities of all Caspian basin states, except Russia, are going down. Another question is if oil price will go even further down as soon as Iran breaks into this market?

According to BP Statistical Review, the proved resources of the Caspian Sea total 16 billion barrels and the potential resources total 200 billion, but proved resources of the Persian Gulf total 600 billion barrels.—0—