Iran annually produces $217 billion in oil & gas

Oil&Gas Materials 5 July 2011 12:56 (UTC +04:00)

Azerbaijan, Baku, July 5/Trend/

Iran 's production of oil and gas during the last solar year, which ended on March 20, 2011, valued at $217 billion, the Mehr News Agency reported, quoting Deputy Oil Minister Mohsen Khojaste Mehr.

"By attracting more investment, this figure will increase to $350 billion," he said.

Iran produced more than 4 million barrels of oil, 600 million cubic meters of gas and 400,000 barrels of condensates per day last year (solar).

The deputy predicted that attracting investments would allow production capacity to increase to 4.4 million barrels of oil and 1.470 billion cubic meters of gas per day in the next four years.

According to the deputy, the National Iranian Oil Company needs to invest $15.8 billion by the end of this solar year for the South Pars Oil field.

The South Pars Oil and Gas field is among the world's largest, anticipating production at $130 billion in annual revenues.

Iran invests $34 billion in developing oilfields and assigns $4 billion to discover new gas and oil fields.