TEHRAN Saeid Khoshrou, director of international affairs at the National Iranian Oil Company (NIOC), said with oil prices near $60 per barrel Iran would be a great place for oil investment.
in an interview with CNBC on Tuesday, the official said that currently, Iran's cost of production on average is around $10 per barrel and considering the ratio between Iran's oil reserves and production capacity the country is a good prospect for investors.
"If you take a look at the reserve and the production ... this ratio itself gives the signal (that) it is a good place to put money and invest on it," he stated.
Khoshrou further noted that low, fluctuating prices in the oil market will push the investors back, but with prices hovering near $60, lots of investors will be able to invest in developing oil fields.
"I think something around $60 would stabilize the market….it is good enough to attract investors to the field, especially in the Middle East," he said.
According to the official, in line with OPEC production quota, Iran is currently producing around 3.8 million barrels per day while the country has the capacity of producing around four million barrels per day.
Iran's energy exports suffered previously under Western-imposed sanctions. Those sanctions were lifted earlier in 2016, allowing the OPEC producer to reclaim its share in the international energy markets.
The lifting of the sanctions, along with Iran's low cost of production and untapped energy reserves, make the country a potentially attractive investment destination.