​IDRO Chairman as well as Deputy Industry Minister Dr. Mansour Moazami was interviewed by Sharq daily. A transcript of the interview has been given below.“We need to catch up as soon as possible.”“We shouldn’t regret the past. More delays mean leaving our national interests to our rivals in joint fields,” the IDRO chairman told the prestigious daily. Dr. Moazami’s stance is of highest credibility as he is a member of Tehran University’s Faculty of Petroleum and head of the energy commission of Tehran Chamber of Commerce, Industries, Mines, and Agriculture (TCCIM). Dr. Moazami believes the Oil Ministry has shown excessive conservation over the implementation of oil contracts, saying the post-JCPOA has provided numerous opportunities awaiting quicker decision-making. “Investors don’t line up for us forever. If they enter negotiations and agree on something, they will continue, otherwise, they go to other alternatives.” The oil expert also hinted at Washington creating hurdles to Iran’s re-engagement with the global economy, saying, “After the JCPOA, we urged companies to make investments. Big companies who intend to invest have been fined or warned by Washington over the past years. Washington’s embassies all around the world have been communicating with companies and banks since five years ago and have warned them against engaging with Iranian partner. So, it’s natural that investors have reservations to cooperate with Iran and it will take time to come up with conclusions.” The BNP Paribas, a Paris-based international bank, was fined heavily by the Americans and it will show hesitations before re-engaging with Iranian banks. Many international banks have the same feelings. Although Secretary of State John Kerry announced that Washington won’t get in the way of doing business with Iran, it takes time to soothe the concerns. The situation is confusing; while we are in the middle of talks, for example, the U.S. Congress introduces new sanctions out of the blue. This is still the case. President Obama announced that he will veto any motion to challenge the heavy water deal and orders placed for Boeing jetliners. But how far should it be the case? Although it is now six months from the implementation day of the nuclear deal, we have failed to absorb foreign investment. What is the problem and how can it be resolved? To answer the question, first we need to see what has happened after the JCPOA and what would have happened if the deal hadn’t been inked. We all know all financing, technology, and communication channels with the world had been cut off. Particularly, as of 2011 when the U.S. put a lot of pressure on our country, causing us to lose access to foreign resources. That’s true that we were under crippling sanctions for years, but we were still able to transfer money or find financing and signed contracts. But as of 2011, these were no longer possible. We could not even receive our oil money and all our assets were frozen. Foreign countries were, unlike their inner wishes, reluctant to negotiate with us and did not reply our emails. We were forced to import some spare parts much higher than real prices. This was the scenario before the JCPOA. However, now the situation is so different. The most tangible thing now is a jump in our oil exports, hitting 2.1 million bpd per day. When President Rouhani took office, oil exports had dropped to less than 1 million bpd. This means oil exports have doubled after the nuclear deal, increasing from 1,150,000 bpd to 2,000,000 bpd per day. Currently, the level has reached a record of 3,800,000 bpd and we will soon increase it to 4,000,000 bpd. A second change was that our commodities at customs were freed and are being used in the oil industry now. And finally, face-to-face negotiations are being conducted now. We shouldn’t expect drastic influences on the industry sector of the deal in only six months. It took only one year to reach the deal. But the point is that we had been much better off if negotiations would have been conducted before the JCPOA. This holds true particularly when it comes to joint oil and gas fields where we are not performing well now.We face disagreements inside the country, as well. To what extent do you think the opponents are right? That’s right. Inside the country opponents keep criticizing the deal. The so-called oil contracts, mistakenly termed so, are simply a framework based on which the Oil Ministry wants to sign contracts. It would have been much better if the Oil Ministry had shared views with experts to take care of the concerns. The ministry could reveal primary secondary drafts of the contract framework to get feedback on it. The sudden announcement of the package drew political and public reactions. Concerns aired by opponents can be categorized and some can be taken into account. While I do respect the opponents’ ideas, but we need to consider the country’s situation, out rivals, and those who are interested in entering into our market. This a two-way street. Costumers should also find the contracts attractive. Our neighboring county Iraq has drafted a contract framework and now foreign partners are investing in country and for this, its production level is higher than that of us. Another category of opponents includes those who are categorically against the deal, who cannot be helped. According to the sixth five-year development plan of the country, for the Oil Ministry to keep pumping oil as much as 1,000,000 bpd, it needs more than $180 billion, meaning an annual $36 billion. This is while the Iranian oil company had managed to absorb a maximum of $23 billion annually before the sanctions were imposed. Optimistically looking at the issue, out of 180 billion, between $70-80 billion will be used to cover domestic expenditures. Therefore, foreign investors are expected to bring technology with themselves inside the country as well as capital. Of course, they are required to provide training, too. I see no reason why they won’t welcome this.  As I told before, this is a two-way traffic, meaning both investors and we, as the country seeking investment, should respect the game. That some claim no technology is transferred into the country is not right as a relevant article has been included in the contracts and we need to be capable so as to benefit from the technology. My question is that: why wasn’t technology transferred to the country all these years before the contract framework was revealed? I think the contract model is an opportunity which we need to make the best use of. Under the model, one side of the deal has to be an Iranian one, a great opportunity in itself. So, I request all fair critiques of the contract model to show more fairness. On the other hand, the Oil Ministry needs to exercise restraint so as to reach a consensus and finally implement the contracts.  Our resources are being pumped by others. Can’t the Oil Ministry or the government act independently and launch negotiations?  The issue is of critical importance and a consensus is required. We could have prevented it, but now we can’t help it and the Oil Ministry can do nothing on its own unless a consensus is reached at. Could this have been saved if the Oil Ministry had shared the draft with the opponents? I do think so. Head of the three branches of the government have provided feedback on the contract model and ratified the draft in Resistance Economy committee. Now, it’s up to the Oil Ministry to accelerate development of fields though domestic and foreign financing. More delays mean greater damage to our national interests. Joint fields are not subject to any calculation. So, countries withdraw on the basis of their capacities and we can’t object to this.  So, it is clear that delayed decision making is damaging the country. Why doesn’t the Oil Ministry do it itself? Is there any fears of being sued?Certainly, that’s the case. The Oil Ministry has tuned more conservative and this won’t help the industry. We are losing opportunities.  Don’t you think the Oil Ministry is turning too much conservative? I do agree and this won’t be in our interest. Opportunities are not there up for grab for ever. We have to avail ourselves of the opportunities via domestic and international potentialities and human resources.  IDOR has been introduced among those Iranian companies for international cooperation in the exploration and production sectors. The organization has no exploration experience. How are you going to enter into international partnerships? All fields are not exploration ones. Some are awaiting development projects. Remember that IDRO does not erect projects from A to Z. Its participation is based on its capacities and successful experiences. We have no exploration projects and so we won’t participate in such projects and will leave it to our international projects to the foreign side. Of course, inside the country, we have good potential in this respect. Which types of contacts will IDRO prefer? Generally, we are ready to participate in all projects which we think we have got what it takes to participate in and it makes no difference which contracts you are talking about. Foreign partners also favor a mix of contracts. Foreign companies had objections to the buyback model.The model was an initiative of the Oil Ministry itself. All around the word, contracts are of three types: concessions, PSA (Production Sharing Agreement), and Service-type contracts. The last two ones are more common. Considering that Iraq and Saudi Arabia are offering good services, do you think Iran still has attractions for investors? Absolutely yes. The world of business is the world of opportunities. But we should bear in mind that these opportunities are not always available. Only can those who know the rules of the game succeed. We need to draft contracts that are more attractive than the ones offered by Iraq. Iran has more attractions in the region for international investors and we invite all of them to make investments in our country. I think the oil contract model is sweet enough for investors. Which companies are interested in participating in the Iranian market the most? I think qualified ones will come. Of course, we have to wait and see when it comes to international giants. I hope those who are coming are the ones wished for. Have they talked of special requests? Definitely, they have expectations. The National Iranian Oil Company has been in informal talks with some companies and it is natural that these companies are looking for their interest as we are.What development plans has the National Iranian Oil Company imagined for oil fields?  The company has to prioritize joint fields as they are national assets and should not be left to rivals. The JCPOA has provided great opportunities and this depends on our decision making how to benefit from the situation. Investors don’t line up for us forever. If they enter negotiations and agree on something, they will continue, otherwise, they go to other alternatives. So, as an expert, I request all to help attract investment. Currently, we have upwards of four million graduates, one million of whom are looking for job opportunities. Foreign investment help employment. I do believe the oil industry can propel the country out of the stagnation. An active oil industry can make inroads into other sectors though indirectly through the petrochemical sector, as an instance. Those industries operating with their less than nominal capacities will also benefit.Why doesn’t the government act like the Ahmadinejad administration which removed the production cap article from the contract? Azadegan is a key project and I think we need to act cautiously. The project should be active under any circumstance. Are we working there ourselves now? Yes, that’s right. The Oil Ministry or other companies?The Oil Ministry. Of course, they are looking for a reliable partner, either an Iranian or foreign one.According to a report, Saudi Arabia, Iraq, and Qatar are pumping much more than what we are pumping. How much is the difference?Maximally, the countries haven’t withdrawn two or three times more than Iran. Considering our future development plans, we will leave Qatar behind in the near future. Development plans have made good progress since 2013. Now, 500 mcm to 600 mcm is being added to our capacity. According to the Oil Ministry, the delays are costing the country $8-$10 billion per month. Is that right? We should take a decision to compensate for the past. I have no detailed statistics now. The situation is quite clear. We can’t reverse the past and need to find a way to compensate. Iran emphasized a 20-percent quota in the Caspian Sea during the Reformist administration. But this fell to 13 percent and the previous administration didn’t object to it. How do you assess our oil capacity in the sea? The Oil Ministry has taken steps in the Caspian Sea. We need deepwater technology there. There are some companies with the technology such as the Brazilian Petrobras which cooperated with Iran but left after the sanctions were imposed. Currently, joint fields are our priority.