Iran plans $120bn worth of investment in petroleum projects
Iran is planning to invest up to $120 billion in petroleum projects as the country seeks to increase its oil and gas production to respond to a rising demand for energy.
Oil Minister Mohsen Paknejad said on Saturday that Iran will invest some $50 billion to increase its oil production to 4.6 million barrels per day (bpd) by 2028, from a current output of 3.3 million bpd.
Paknejad said that Iran’s natural gas production should also increase from 1 billion cubic meters (bcm) per day to 1.35 bcm per day in the next four years, adding that the country will need to invest more than $70 billion to hit the target.
He said investment in gas fields will also cover projects to boost pressure at South Pars, the world’s largest gas field which straddles the maritime border between Iran and Qatar in the Persian Gulf.
The minister said seven pressure-boosting projects with a total investment of $18 billion will be executed in South Pars to help stabilize the output from the giant reserve.
Paknejad said Iran also seeks to increase its refining capacity by 0.5 million bpd per day until 2028 while trying to raise the output capacity of its petrochemical sector.
He said the development projects will be funded partly through finances provided by Iran’s sovereign wealth fund and partly through investment from foreign companies.
Iran’s plans to expand its petroleum sector come as the country is still subject to an extensive regime of US sanctions that bans the provision of technology and investment from abroad.
Since the sanctions were imposed in 2018, the Iranian Oil Ministry has mostly relied on domestic resources to develop the oil and gas fields in the country.
Iran’s oil exports rebounded sharply in second half of December: Data firm
Afghanistan’s politicization of dams against Iran
Need for transformation in Iran’s energy sector
Iran says ready to send rescue aid to US amid California fires
Iran reports major rise in health insurance purchases
Russia vows to respond to ‘hostile’ US sanctions against its energy sector
VIDEO | Creative advocacy: Art and action for Gaza
Iran plans $120bn worth of investment in petroleum projects
Turkish forces kill 11 Kurdish PKK militants in northern Iraq
VIDEO | Lebanon's new president, Jospeh Aoun
VIDEO | Hezbollah is strong
PressTV NEWSLETTER
now
This makes it easy to access the Press TV website
