Oil

The official expounded that the recovery factor in the two joint fields is intended to climb from the current 5.5 or 6 to approximately 20 per cent.

Manouchehri estimated that the first tender to develop South Azadegan oil field will be invited in the first quarter of 2017.

Russia'.s Lukoil and Malaysia'.s oil giant Pertamina are also conducting surveys on AbTeymour and Mansouri Oilfields.

Reuters reported. A two-rig rise in the oil rig count in the United States. the ninth weekly increase in a row. as reported by oilfield services provider Baker Hughes Inc. added to bearish sentiments.

Following implementation of JCPOA and lifting the sanctions last January. the international oil executives have started negotiations with Iran to partake in the oil industry.

Development activities are underway in a number of fields including Salman Nafti and Forouzan and preparatory works to increase output in the fields of Doroud and Abuzar.

According to the Joint Comprehensive Plan of Action (JCPOA). there is no prohibition for the country to keep nuclear waste inside Iran.

Many entrepreneurs and Iranians residing abroad are interested and ready to invest in the Islamic Iran.

Iran has an abundance of natural resources. the world'.s second largest natural gas reserves and fourth largest oil reserves.

India topped China'.s imports for a third straight month as its imports from Iran grew more than four-fold from a year earlier to 620.000 bpd.