Khojasteh-Mehr was appointed as deputy oil minister and NIOC head on Wednesday, according to a statement published by the Oil Ministry’s news service Shana.

In his appointment decree, Oji has tasked the new NIOC head with increasing the country’s oil and gas production capacity with a focus on South Pars gas field which Iran shares with Qatar in the Persian Gulf and oilfields shared with Iraq in southwest Iran.

Khojasteh-Mehr replaces Masoud Karbasian who served as the NIOC head since 2018. He was minister of finance from August 2017 until his impeachment in August 2018. He had also held office as deputy economy minister and headed Islamic Republic of Iran’s Customs Administration (IRICA).

Khojasteh-Mehr has a PhD in hydrocarbon reservoirs from Iran’s Amirkabir University of Technology, which is generally known in the West as Tehran Polytechnic.

His most senior positions in the Oil Ministry include serving as deputy minister for planning and leading the Tadbir Drilling Development Company (TDDC), a post he has been holding for the past years.

The NIOC is one of the largest oil companies in the world with nearly $200 billion worth of assets as per estimates published in 2012. The company oversees large-scale operations in the Iranian oil industry and controls major refineries across the country.

Iran’s Oil Ministry hopes NIOC can swiftly increase its output to 3.8 million barrels per day if U.S. removes sanctions of the Islamic Republic in case the two countries and other world powers can revive a 2015 international agreement on Tehran’s nuclear program.

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NIOC, however has been offering various grades of crude oil almost every week, since the beginning of the current Iranian calendar year.

As decided by NIOC in collaboration with IRENEX, buyers can receive their cargo up to three months after the transaction, and the delivery of the cargo in other regions is subject to NIOC approval.

Since the U.S.’s withdrew from Iran’s nuclear pact in May 2018, vowing to drive Iran’s oil exports down to zero, the Islamic Republic has been taking various measures to counter the U.S. actions and to keep its oil exports levels as high as possible.

One of the main strategies that Iran chose to execute to help its oil exports afloat has been trying new ways to diversify the mechanism of oil sales, one of which is offering oil at the country’s stock market.

NIOC offered light crude oil at IRENEX first on October 28, 2018 just few days before new U.S. sanctions on Iran’s petroleum sector took effect (November 4). In the first round, NIOC could sell some 280,000 barrels of crude oil at $74.85 per barrel. With the daily supply amount of one million barrels, the market wrapped up by selling eight 35,000-barrel cargos of oil on the day.

Offering gas condensate at IRENEX came after the successful offering of crude oil at this market. The first offering was done on February 13, which failed to attract customers.

And then the turn came to heavy crude. Offering heavy crude at IRENEX came after NIOC offered light crude at this stock market in eight round.

National Iranian Oil Company sold 70,000 barrels of heavy crude oil at IRENEX for the first time on April 30. In the first round one million barrels of heavy crude was offered at a base price of $60.68.
NIOC’s representative in IRENEX has said that the company will continue offering oil at IRENEX, Mehr news agency reported.
“Offering oil and gas condensate in the international ring of IRENEX has become a legal obligation, and it will definitely be a lasting move,” Amir Hossein Tebyanian said in a press conference hosted by Mehr news agency at the place of the agency in early July.
Briefing the press about the procedures and processes of NIOC’s oil and gas condensate offerings at IRENEX, the official noted that physical sales of oil at IRENEX is just the first step and the main goal is to activate other financial instruments, and offer Iranian crude in the regional stock markets.
“We will continue offering oil at the IRENEX in order to institutionalize the necessary procedures which are a prerequisite for improving IRENEX to the level of world class stock exchanges.” he said.
According to the official, IRENEX was initially founded in an attempt to permit the Iranian private sector export crude oil since Washington aims to cut Iran’s oil sales.
However now, foreign buyers have also expressed willingness to engage in IRENEX oil offerings and welcoming the idea, NIOC is preparing necessary bases for them to be able to do so.

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Buyers can receive their cargo up to three months after the transaction, and the delivery of the cargo in other regions is subject to NIOC approval.

According to Iran’s current year budget law, NIOC is obliged to offer two million barrels of heavy crude oil, two million barrels of light crude and two million barrels of gas condensate every month.

In this regard, the company has been offering various grades of crude oil almost every week since the beginning of the current Iranian calendar year.

Light crude oil was offered at IRENEX first on October 28, 2018 just few days before new U.S. sanctions on Iran’s petroleum sector took effect (November 4). In the first round, NIOC could sell some 280,000 barrels of crude oil at $74.85 per barrel. With the daily supply amount of one million barrels, the market wrapped up by selling eight 35,000-barrel cargos of oil on the day.

NIOC’s representative in IRENEX has said that the company will continue offering oil at IRENEX, Mehr news agency reported.

“Offering oil and gas condensate in the international ring of IRENEX has become a legal obligation, and it will definitely be a lasting move,” Amir Hossein Tebyanian said in a press conference hosted by Mehr news agency at the place of the agency in early July.

According to the official, IRENEX was initially founded in an attempt to permit the Iranian private sector export crude oil since Washington aims to cut Iran’s oil sales.

However now, foreign buyers have also expressed willingness to engage in IRENEX oil offerings and welcoming the idea, NIOC is preparing necessary bases for them to be able to do so.

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He said NIOC has prepared a $6.2-billion project package for maintaining and enhancing production in the oil industry, adding that 10 contracts regarding the projects had so far been signed and 8 others were to be signed within the next few weeks.

The fate of the remaining contracts will be determined by the end of the current calendar year, which began on March 21, he said.

Dehghan further said that sanctions were nothing new in the oil industry of Iran, adding that developing the oil industry in the country never stops.

He said the development of Forouzan Oilfield, which is shared with Saudi Arabia is underway by tapping domestic capabilities.

“Capabilities of domestic firms have left us no dead ends in developing the fields,” he said.

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Accordingly, some of the goals of the 3-year project include restoration of damaged coral reefs, the creation of new coral habitats, identifying and introducing a suitable indigenous method for coral habitat development and developing and testing successful and operational techniques for restoration of other coral reefs in other areas in the Persian Gulf and the Sea of Oman.

IOOC, a subsidiary of the state-owned National Iranian Oil Company, is in charge of developing several major crude oil reservoirs in the Persian Gulf region, including Abouzar, Hendijan, Bahregansar, Reshadat, Soroush, Norouz and Doroud fields as well as collecting associated petroleum gases in Kharg Island and Bahregan oil region.

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The least possible amount for loading cargo for land transportation is 110 tons. Accordingly, purchasers can receive their cargoes for at most three months after the purchasing date.

The delivery of cargoes in other areas strictly depends on the previous approval of the National Iranian Oil Company (NIOC).

One of the main strategies that Iran chose to execute to help its oil exports afloat has been trying new ways to diversify the mechanism of oil sales, one of which is offering crude and light oil besides gas condensate at the country’s stock market.

According to this report, supply of crude oil and gas condensates in Iran Energy Exchange (IRENEX) has been put atop agenda in line with realization of policies of resistance economy based on diversifying in the sale methods and use of high capacities and capabilities of the private sector for spurring exports and export activities.

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CNPC International is one of the two members of a consortium to develop the project along with Iran’s Petropars. France’s Total was also in the consortium before it pulled out of the project due to US sanctions on Iran’s oil industry.

“Arrangements have been made to begin developing the project this [calendar] year under any circumstances. We will be able to speak more definitely in two months,” he told Shana.

The official said he would disclose more information about the project in the coming weeks, adding that the capabilities of Iranian companies were incomparable with the time South Pars development had started back in 2002.

“Undoubtedly, Petropars has the qualities needed for developing the first phase of the project.”

Aban and West Paydar

Dehghan said that the contract for developing Aban and West Paydar oilfields was progressing and so far, four joint management committees had been held concerning the projects.

He further said that the Supreme Economic Council had signed off on developing Sepehr and Jofeir fields and implementation of their contract would start within days. Moreover, contracts of Cheshmeh Khosh, Dalperi and East Paydar fields would be enforced this calendar year and their development would begin afterwards.

Talks on the Go

Dehghani said that NIOC’s talks with domestic and foreign companies were continuing despite US’s withdrawal from the Joint Comprehensive Plan of Action (JCPOA), a nuclear deal Tehran struck with the P5+1 group of countries back in 2015.

In the calendar year of 1397 which ended on March 20 2019, NIOC signed a total of 12 study MoUs with Iranian and foreign companies, which would lead to signature of several contracts by the end of this calendar year, he added.

The official said studies valued at roughly $150 million were being carried out for NIOC under the over 100 MoUs it signed with numerous companies in the aftermath of the nuclear deal.

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He said production costs of the items were dramatically reduced by localizing their manufacturing inasmuch as their production saved the company some Rls. 108 billion.

Piramoun said that the items included pilot transducers, 6-stage pumps, transformers, control valve components, complete anti-leakage parts for inlet and outlet of solar turbine air compressors, and piston balancer of gas compressor parts.

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