Iran to ink 18 oil deals in 75 days

Iran Materials 7 January 2012 12:55 (UTC +04:00)

Azerbaijan, Baku, Jan. 7 / Trend F.Milad/

Eighteen new deals will be signed by the end of the current Iranian calendar year (March 19, 2012) to develop Iran's upstream oil and gas industry, the National Iranian Oil Company (NIOC) managing director announced on Friday, Mehr news agency reported.

Some $15.5 billion has been invested in the sector since the beginning of the current year, the NIOC head Ahmad Qalebani said, adding that $20 billion is projected to be invested by the end of the year.

Qalebani announced in November 2011 that 20 contracts will be signed by the end of the current (calendar) to develop joint oilfields.

Oil Minister Rostam Qasemi said in August that the oil industry's infrastructure needs more than 500 trillion rials (about $50 billion) of investment to achieve Iran's 20-year economic perspective plan goals.

"By the end of the fifth development plan (2015), the country's oil production must increase to 5.2 million barrels per day (bpd) and this should happen from the country's joint fields," the ISNA news agency quoted Qasemi as saying.