Industry News

Iran to Seek Investor Bid in October for New Oil & Gas Contracts

Iran: Iran is planning to invite international oil companies to submit their bid under new contract model for energy investors, as the country seeks billions of dollars to boost output after years of international sanctions. The country expects to sign three contracts worth USD10 billion by March 2017 as per state news agency IRNA. Iran expects to boost its output by 200,000 barrels a day by the end of the year, which shows its unwillingness to freeze oil production ahead of falling oil prices despite other OPEC producers mulling over to freeze their production for a while.

TechSci Research depicts that the participation of international oil & gas companies in the bidding process will lead to huge foreign investment into Iran’s upstream oil & gas sector which will propel the exploration & production activities. Since Iran has large gas proved reserves which would create the demand for natural gas compressors.

According to TechSci Research report, “Global Natural Gas Compressors Market By Technology, By Application, By Region, Competition Forecast and Opportunities, 2011 - 2021”, the global natural gas compressors market is anticipated to cross USD5.5 billion by 2021. On the basis of technology, natural gas compressors are segmented into two categories - positive displacement compressors and dynamic compressors. Among these categories, positive displacement compressors form the most preferred natural gas compressors category, predominantly due to their low cost and increasing use in gas gathering and processing.

Relevant News