Head of Irans Chamber of Commerce Gholamhossein Shafei said the country, given its vast oil and gas reserves was the safest, most reliable energy supplier for India.

The fifth meeting of the Energy Committee of Iran and Austria, chaired by the directors general of Europe, the United States and the Caspian states Department of the Iranian Ministry of Petroleum and Director General of Energy of the Austrian Ministry of Economy was held in Vienna from 14 to 17 January.

The Iranian minister of foreign affairs said Tehran would welcome investments by Indians in Iran’s oil, gas and petrochemical projects.

Each year brings new research showing that oil and natural gas wells leak significant amounts of the potent greenhouse gas methane.

Iranian Minister of Petroleum Bijan Zangeneh said despite the fact that among the oil-exporting countries in the region, Irans budget was the least dependent on petrodollars, the macroeconomic policy of the country “is to reduce the dependence of the budget on oil revenues."

Speaker of the Iranian Parliament Ali Larijani voiced Iran’s readiness to engage in oil and gas cooperation with neighboring Azerbaijan.

Iran hopes to bring its oil output to over 5 mb/d under its 20-year vision plan by investing in ageing fields. Some of oil fields in Iran are already mature. Their oil has partly been recovered, but cutting edge technologies are needed to extract the remaining oil.

Iran plans to sell 3 million barrels of crude oil to private companies in the third round of sales aimed at bypassing US sanctions, Minster of Petroleum Bijan Zangeneh says.

Iran’s gas recovery for the supergiant South Pars gas field is projected to increase by 56 mcm/d by the end of the current calendar year to March 20 2019.

Iran’s natural gas export which was halted by damage to IGAT-6 Pipeline has resumed.