TEHRAN - Iran’s Oil Ministry is stepping up efforts to draw in investment and accelerate contract processes in the country’s oil and gas sector, according to a senior official at the National Iranian Oil Company (NIOC).

Amir Salehi, deputy director of investment at NIOC, told the state-run energy news agency Shana that a recent approval by the Economic Council to ease conditions for signing and implementing upstream oil and gas contracts would significantly shorten the timeline from proposal submission to contract signing.

“These measures reflect the Oil Ministry’s determination to attract capital and streamline economic processes,” Salehi said.

He noted that in the past, upstream contract procedures could drag on for up to three years. But through joint efforts by the Oil Ministry and the Plan and Budget Organization, steps have been taken to accelerate this process.

The move comes as Iran seeks to revitalize its energy sector amid ongoing international sanctions and a drive to boost oil and gas output.

EF/MA