Azerbaijan, Baku, Jan. 8 / Trend F.Mehdi/
Two hundred and fifteen projects worth over $261 billion, are being implemented in Iran's oil sector, the Shana News Agency quoted Deputy Oil Minister Mohsen Khojasteh-Mehr as saying.
"Some $170 billion has so far been invested in the projects and around $90 billion more is needed to complete them by the end of the fifth five-year national development plan (2010-2015)," he added.
On Sunday, Oil Minister Rostam Qasemi said development plans worth $400 billion will be implemented to reform the domestic oil industry, the Mehr News Agency reported.
Once the development plans are complete the country will earn $500 billion in income annually from exporting oil, gas and petrochemicals, he said.
According to the plan, the country's oil output should be increased to 5.5 million barrels per day from 4mbpd by March 2016.
He also said that output at the South Pars gas field will reach 750 million cubic meters by March 2016.
On November 30, 2012, Qasemi said that the country has overcome the tough economic sanctions and the oil industry is heading toward development.
Many development projects are underway and it is projected that $150 billion will be invested in the oil sector, he added.
By March 2015, natural gas production will reach 1.4 billion cubic meters from 600 million cubic meters, Qasemi said.
In July 2012, Qasemi said that although the West has imposed sanctions on Iran's oil sector with the aim of toppling the Islamic establishment. However the country's oil exports will never be halted because oil consuming countries need Iranian crude.
Qasemi said in April 2012 that at least $30 billion will be invested in the domestic oil industry this year.
He added that a major portion of the sum will be allocated to the South Pars gas field projects.
The South Pars gas field is shared by Iran and Qatar. The Iranian share, which is divided into 29 phases, has about 14 trillion cubic meters of gas, or about eight per cent of the total world reserves and more than 18 billion barrels of liquefied natural gas resources.