IOTC managing director has outlined Iran as the most dependable Persian Gulf littoral country for investments in oil and gas arenas.

In time with falling crude prices to below 50 dollars a barrel, oil and gas well drilling in Iran has experienced an increase since the beginning of current Iranian year (began March 20).

Operator of Azar oilfield drilling project in National Iranian Drilling Company (NIDC) Mehran Mafrashi says drilling project in the joint field has had 70 percent progress.

First Vice-President Eshaq Jahangiri stressed enhancing crude oil recovery from join oil fields.

Managing director of National Iranian Oil Company (NIOC) says Irans oil industry needs an investment of over a hundred billion dollars for development.

International Affairs Director of the National Iranian Oil Company Mohsen Qamsari said on Saturday that Iran has regained its share in the oil market without any discount.

Manager of Integrated Planning at National Iranian Oil Company (NIOC) Abdol-Mohammad Delparish said on Tuesday that Russian Zarubej Neft Company is willing to launch feasibility study on Dalpari and Danan fields west of Iran.

Managing Director of National Iranian Oil Company Ali Kardor said on Tuesday that transfer of technology is the main principle of Iranian oil industry in following the new oil contract model.

National Iranian Oil Company (NIOC) and Russian Zarubej Neft on Tuesday signed a Memorandum of Understanding (MoU) for feasibility study on two joint fields west of Iran.

Jofair oil field is located in hydrocarbon-rich West Karoun area in southwestern Iran. This field is estimated to hold 2.1 billion barrels of crude oil in place. Jofair was one of projects introduced to foreign investors.