Deputy Minister of Petroleum and Managing Director of National Iranian Oil Company (NIOC) Ali Kardor says his Company is ready to entrust the projects for development of the small- and mid-sized oil and companies to Iranian enterprises.

Kardor said the projects will be entrusted to the companids qualified in terms of E&P.

He added that the projects will be ceded in terms of guarantees for use of necessary technologies, sufficient capital and acceptance of the risk of project.

The official said the E&P qualified companies, that the projects are entrusted to them, will serve as the main operators in the small and mid fields, while benefiting from capital and technology of the international companies.

He noted that any work in the upstream section of the oil industry will need risk-taking as well as capital, technology and management, while access to each of them is not so easy.
He added that if the Iranian companies managed to meet the mandates, the NIOC will sign development contracts with them.

On risk-taking and its importance, Kardor said risk of work in the oil industry upstream sector is very high and unfortunately, under all contracts, excluding the buy-back ones, employer was to take the risk of projects thus far.
Such measures resulted in high amount of debts for the NIOC, according to the manager.