Iran plans to invest $150bln in its oil and gas sector

PanARMENIAN.Net - Iran plans to invest a sum of $150bln in its oil and gas sector during the next five years.

Iranian Oil Ministry official Mohsen Khojasteh-Mehr said the investment in the upstream oil and gas sector will bring in $179bln in five years' time, Fars News Agency reported.

He pointed out that around $100bln of the total $150bln investment will be funded through foreign investments and local bank loans, and added that the remaining $50bln will be provided by Iran's Oil Ministry.

"$32bln (of the total sum) will be set aside for maintaining production and logistics, $4bln for oil and gas exploration, $34bln for the development of oil fields, $75bln for the development of gas fields, and $5bln for the development of the midstream sector," the official said.

He also reiterated that if the projected investment is realized, Iran's crude oil production will reach 4.7mln barrels per day, natural gas production will climb to 1.47bln cubic meters a day, and daily production of gaseous condensates will stand at 1.2mln barrels.

Khojasteh-Mehr pointed out that investment can pave the way for purchasing modern technologies and tapping into new management skills as well as technical knowhow.

The top Iranian Oil Ministry official also underlined the need to boost productivity in all arenas.