President Hassan Rouhani said on Sunday that oil industry needs to be developed.

Deputy Head of National Iranian Oil Company (NIOC) for Development and Engineering Affairs Gholam-Reza Manouchehri says increase in production of oil fields west of Karoun River has given Iran a solid status in the OPEC.

Iranian President Hassan Rouhani is to attend the official opening of three oil projects on fields Iran shares with neighboring Iraq.

South Zagros Oil and Gas Production Companys experts have managed to successfully indigenize 3 key items in industrial operations.

Senior Iranian oil managers have said that sanctions or change of government in Iran will not terminate oil contracts. In their view, the Iranian Ministry of Petroleum plans to use different types of contracts for different oil and gas fields based on their degree of priority.

Deputy Minister of Petroleum for International Affairs and Trading Amir-Hossein Zamaninia says talks are underway with major international companies for investment in Iranian oil industry.

Minister of Petroleum Bijan Zanganeh said on Tuesday that Iranian oil industry needs $130 billion investment to meet the Sixth Five-Year Economic Development Plan (2016-21) targets.

Iranian and foreign investors can invest in more than 40 projects for development of oil and gas fields, read a message, penned by Managing Director of National Iranian Oil Company (NIOC) Ali Kardor on Monday.

Managing Director of National Iranian South Oil Company (NISOC) Bijan Alipour says manufacture of 14,000 oil industry items has been indigenized.

National Iranian Oil Company (NIOC) and Polish Oil & Gas Company (PGNiG) have signed a Memorandum of Understanding (MoU) based on which the Polish company will put studies on Sumar oil field on its agenda.