News ID: 261746
Published: 1100 GMT November 19, 2019

150 NTBFs in oil industry equipment set up in sanctions period

150 NTBFs in oil industry equipment set up in sanctions period

The chairman of the board of directors of Iranian Association of Manufacturers of Oil Industry Equipment said that 150 new technology-based firms (NTBFs) were set up during the sanctions period.

"Launching NTBFs is one of the salient achievements of manufacturers of oil industry equipment during the sanctions period in a way that many of our companies have been turned into knowledge-based firms," Sirous Talari told Mehr News Agency on Monday.

He added that many more firms have also applied for receiving the technology-based license. 

He further noted that NTBFs could develop the capacity of technology and development in the sanctions period, adding, “Currently, about 70 percent of the oil industry's requirement to equipment is met by domestic companies and 20 percent of which is met using reverse engineering.”

He said that the implementation of executive bylaws of the ministries of oil, industry, mine and trade and Central Bank of Iran (CBI) is a major problem facing the association and called on responsible officials to reconsider and revise the regulations according to the laws.

On November 10, President Hassan Rouhani said that Iran has discovered a new oilfield in the country’s south with some 53 billion barrels of crude, a find that could boost the country’s proven reserves by a third.

Rouhani made the announcement in a speech in the desert city of Yazd. He said the field was located in Iran’s southern Khuzestan Province, home to its crucial oil industry.

Some 53 billion barrels would be added to Iran’s proven reserves of roughly 150 billion, he said.

“I am telling the White House that in the days when you sanctioned the sale of Iranian oil and pressured our nation, the country’s dear workers and engineers were able to discover 53 billion barrels of oil in a big field,” Rouhani said.

Iran currently has the world’s fourth-largest proven deposits of crude oil and the world’s largest deposits of natural gas. It shares a massive offshore field in the Persian Gulf with Qatar.

The new oilfield could become Iran’s second-largest field after one containing 65 billion barrels in Ahvaz. The field is 2,400 square kilometers (925 square miles), with the deposit some 80 meters (260 feet) deep, Rouhani said.

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