Deputy minister: NIOC ready to guarantee full investment security
CEO of the National Iranian Oil Company (NIOC) Hamid Bovard expressed the company’s comprehensive support for national and international investors and economic stakeholders, saying, “NIOC is prepared to provide all necessary guarantees to ensure investment security in upstream oil projects.”
Placing a premium on the NIOC’s commitment to leveraging private sector capital in major oil industry projects, Bovard said, “The oil industry is Iran’s economic locomotive,” adding that, “Production and development are inseparable, and attracting substantial investment is essential to achieving our production targets.”
Speaking on the “Transformation in Investment and Development of Iran’s Upstream Oil and Gas” event scheduled to be held in Tehran on Tuesday, the deputy oil minister underlined that the event was the result of eight months of intensive work by NIOC’s investment team.
“Since the start of the current administration, we have assembled a professional team to identify weaknesses and propose solutions for investment development,” he said. “We hope constructive efforts will lead to significant progress in this sector.”
Pointing to recent remarks by Leader of the Islamic Revolution Ayatollah Seyyed Ali Khamenei on securing investors’ capital, Bovard added, “NIOC stands ready to provide all necessary guarantees for investment security in upstream oil projects.”
“Our goal is to attract investment, boost oil and gas production, and maximize returns for investors,” he continued.
Turning Iran into a major industrial hub
The NIOC chief also highlighted reduced investment risks through flexible oil contracts, ensuring both security and profitability for investors.
“By attracting investment in oil projects, we will develop oil and gas fields while utilizing contractors in construction and operations—boosting employment and economic growth,” Bovard said.
“We aim to transform Iran into a major industrial hub through thriving oil sector investments,” he added.
Speaking at the event, the deputy oil minister outlined plans to beckon investment from Iranians abroad and said, “These resources are readily available—we just need to align contract terms with financial incentives.”
Bovard noted that a significant portion of upstream oil project financing could come from domestic capital, saying, “Several promising proposals are under review and will be announced soon. The incentives in this sector are highly attractive and expected to draw strong public interest.”
Bovard emphasized NIOC’s flexible approach to revising contract frameworks and said, “Given the need for investment, we are open to expert recommendations to facilitate deals and enhance mutual benefits in oil contracts.”
The current administration’s oil industry strategy is highly adaptable, he said, no rigid contract model is enforced, and we are ready to address weaknesses to improve deal attractiveness.
Removing investment barriers
Bovard stressed that new contract models offer significantly improved returns on investment, saying, “Considering the forex-based nature of these contracts, profitability is guaranteed.”
He expressed hope that with support from executive and legislative bodies, obstacles to oil industry investment would be lifted.
The “Transformation in Investment and Development of Iran’s Upstream Oil and Gas” event will take place Tuesday at the Summit Conference Hall of Tehran, attended by political and economic leaders as well as oil and gas stakeholders. Over 200 upstream oil and gas investment opportunities will be unveiled for the first time.
NIOC to introduces 23 oil, gas exploration blocks
According to the Iranian Oil Ministry’s news service Shana, the NIOC is set to introduce 23 onshore and offshore exploration blocks at the event to accelerate hydrocarbon resource exploration and attract investment.
The estimated in-place reserves of these blocks total more than 193.8 billion barrels of oil and 783 trillion cubic feet of gas.
A set of investment opportunities, comprising 23 exploration blocks across various regions of the country, has been identified and is ready for domestic and foreign investors. These blocks, located in areas including the Caspian Sea, other offshore zones and onshore sites, aim to discover new oil and gas reserves.
The combined area of these exploration blocks spans approximately 108,000 square kilometers, with estimated in-place reserves of 193.875 billion barrels of oil and 783 trillion cubic feet of gas. These resources could play a significant role in expanding Iran’s production capacity and strengthening energy security.
Among the blocks, five are in the Caspian oil region, covering an area of about 11,625 square kilometers. Their in-place reserves are estimated at 191.8 billion barrels of oil and 738 trillion cubic feet of gas.
The remaining 18 blocks, under the direct supervision of NIOC’s Exploration Directorate, are located in various parts of the country. These blocks cover more than 96,290 square kilometers and hold estimated in-place reserves of 2.075 billion barrels of oil and 45 trillion cubic feet of gas.
The introduction of these exploration blocks and the facilitation of investment opportunities reflect NIOC’s strategic policy to sustainably develop Iran’s hydrocarbon resources, optimize geological potential and enhance the country’s role in the global energy market.