Iran's Oil Minister, Gholam-Hossein Nozari, said this week that the the door of its energy sector is open to all international companies.
He made the statement on the sidelines of a ceremony to sign a contract on the development of two independent gas fields of Golshan and Ferdowsi with Malaysia.
The minister added insight is the main factor for overseas companies’ taking the opportunities.
Nozari said the Golshan and Ferdowsi development contract was the second biggest after the contract on development of Yadavaran oilfield.
The Golshan and Ferdowsi contract was inked in the presence of Nozari and Malaysian Ambassador Monshe Afdzaruddin.
The deal was signed by Pars Oil and Gas Company (POGC) Managing Director Ali Vakili, who represented National Iranian Oil Company (NIOC), and Syed Mokhtar al-Bukhari, the head of Malaysia’s Al-Bukhari Foundation.
According to the contract, SKS Ventures, a subsidiary of Al-Bukhari Foundation, will develop the two gas fields in southern Iran.
Nozari said Iran and Malaysia’s SKS had also reached an agreement on construction of refinery in Shiraz, southern Iran, a refinery in Syria through participation of Venezuelan and Syrian parties, and a refinery in Venezuela.
“Recent contracts show that Iran-Malaysia ties are growing,” said the top official, adding his country was seeking investment in Asian states as big energy markets would be in the spotlight in the future.
“Four Asian countries - India, China, Indonesia, and Malaysia now constitute half of the world’s population and such a huge population needs energy for its development plans,” he noted.
The oil minister said supply of energy was today more important than its price and the states needed to give priority to supply of energy.
Golshan field holds 42 to 56 trillion cubic feet (tcf) of in-place gas. Golshan is located 180 km southeast of Bushehr city, southern Hormuzgan Province, 65 km (40 miles) from Iran’s shore. Ferdowsi field, located 190 km southeast of Bushehr and 85 km from the Iranian coast, has estimated in situ gas reserves of 9 to 13 10 tcf.
Iran’s estimated gas reserves, the world’s second-largest after Russia, amount to 971.150 tcf (more than 26 tcm). The country is in urgent need of developing its gas fields both to cover domestic consumption and fulfill its gas export plans for Europe and Eastern Asia.
The state-run Chinese oil giant Sinopec finalized a $2 billion pact to develop Iran’s huge Yadavaran oilfield, after nearly three years of negotiations, part of Beijing’s plan to help ensure a stable, secure supply of oil for the world’s second-largest consumer.
Analysts saw the deal as a further sign of a long-term strategic relationship between China and Iran.