Iran's NOIC to privatize oil, gas production

National Iranian Oil Company (NIOC) is likely to privatise production and exploitation of country's oil and gas fields, managing director Ahmad Qalebani said.

However, the company does not intend to hand over the reserves of the fields to the private sector.

Qalebani emphasized that the NIOC will keep controlling and monitoring the production process.

Iran holds the world's third-largest proven oil reserves and the second-largest natural gas reserves.