Iran has appointed a new oil minister, Mohsen Paknejad, following a vote of confidence in parliament on Wednesday
, Azerbaijan’s Trend news agency reported. Paknejad , an oil ministry veteran who previously held the position of deputy oil minister from 2018 to 2021, took the podium on Wednesday to bemoan the state of affairs in Iran ’s oil industry. The new oil minister called on Tehran to boost production, warning that fossil fuel reserves will remain limited over the next two decades, without significant development efforts.
However, Iran needs help getting fossil fuels out of the ground, with the Azerbaijani news agency indicating that some 70% of its gas reserves remains trapped underground due to technological insufficiencies. Iran has a total of 74 oilfields and 22 gas fields in operation. While production and development remain an issue, sanctions continue to bite in terms of exports and revenues.
Paknejad Oil Minister Oil Reserves Oil Production
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