Baku, Azerbaijan, Apr.14
By Fatih Karimov - Trend:
The Iran Oil & Gas 2014 Summit will be held in Dubai on 23rd-25th June.
The Summit is organized in collaboration with the Iran Gas Institute, the Iranian Society of Petroleum Geology, the Iranian Society of Petroleum Engineering, the Scientific Society of Environmental Education and Sustainable Development and the Iranian Society for Surveying and Geomatics Engineering, Iran's IRNA news agency reported on April 14.
Following an interim agreement with the European Union and the P5+1 (US, UK, France, China, Russia and Germany) last November, Iran's Oil Ministry has started negotiating with Western majors to prepare an outstanding return of international investments in the oil and gas promising landscape of Iran.
Iran is estimated to hold 33.7 trillion cubic meters of natural gas and 157 billion barrels of recoverable crude oil reserves.
Iran is planning to increase its oil production by an additional 1 million barrels per day (mb/d) in 2014. This could have significant economic consequences for global oil markets, and political ramifications for the Middle East.