Iran plans to invest $231 bln in oil projects over 10 years

Oil&Gas Materials 4 May 2014 14:35 (UTC +04:00)

Baku, Azerbaijan, May 4

By Fatih Karimov - Trend:

Iran plans to invest $231 billion in oil projects by Iranian solar year of 1402 (March 2023-March 2024).

The National Iranian Oil Company invested $114 billion during in oil projects from 2005 to 2013, Iran's Shana news agency reported on May 4. The highest amount of investment ($22.2 billion) was made in Iranian year of 1390 (March 2011-March 2012).

Iran raised oil production by 65,000 barrels per day (bpd) from February to March, the data compiled by Bloomberg showed.

Iran's total oil output hit 2.9 million barrels per day in March.

Iranian Oil Minister Bijan Namdar Zanganeh earlier said Iran forecasts an increase in its crude oil and natural gas production in the current Iranian calendar year.

"Iran's crude oil output is expected to increase by about 200,000 barrels per day to 4 million barrels per day, and its daily natural gas output is expected to increase by about 100 million cubic meters per day to 400 million cubic meters per day," the minister explained.

The country is currently exporting about 1.2 million barrels of oil per day and has earmarked 1.5 million barrels of daily sales in the national budget for the year of 1393, he added.

By holding 157 billion barrels of recoverable crude oil reserves, Iran possesses the world's fourth largest reserves of crude oil.