Iran to attract $25 billion investment in oil & gas projects

Oil&Gas Materials 5 August 2011 12:41 (UTC +04:00)

Azerbaijan , Baku, August 05 /Trend/

"Iran attracted a $2.5 billion investment in downstream oil projects and attempted to draw another $25 billion investment from domestic and foreign resources to develop oil and gas projects this year", FNA reported quoting the Managing Director of National Iranian Oil Company (NIOC) Ahmad Ghalebani as saying.

"During the last solar year, (beginning March 21, 2010), $2.5 billion were invested in the Azadegan, Yadavaran, and South Pars fields", he said.

According to the National Development Plan, Iran should invest $500 billion in the oil sector before 2025 to develop oil and gas projects. According to OPEC statistics, Iran's oil production was reduced from 4.2 billion barrel to 3.5 billion since 2006.

Lacking sufficient investment, injecting gas into oil wells (Iran's oil wells need at least 150 mcm/d gas injection), and withdrawing the giant energy companies from Iran's energy projects due to international sanctions, are Iran's major problems in oil projects.