BAKU, Azerbaijan, April 17. More than $28 billion was spent in Iran's oil, gas, petrochemical, and related industries last Iranian year (from March 21, 2023 through March 19, 2024), Iranian Oil Minister Javad Owji told reporters, Trend reports.
According to him, these funds were used to complete unfinished work on various projects.
The Iranian minister noted that, due to the expenditure of these funds, economic development in the oil and gas sector increased by 20 percent. Owji stated that new investments are planned in the current Iranian year (from March 20, 2024 through March 20, 2025) to complete unfinished projects in the oil and gas sector.
Meanwhile, 74 oil fields and 22 gas fields are currently active in Iran. There are 37 oil fields in the territory of the National Company of the Southern Oil Zones of Iran, 14 in the territory of the Central Oil Zones of Iran, 5 in the territory of the Arvandan Oil and Gas Production Company, and 18 in the territory of the Offshore Oil Company. There are also 5 gas fields in the territory of the National Company in the in the Southern Oil Zones of Iran, 13 in the territory of the Central Oil Zone Company, 1 in the territory of the Pars Oil and Gas Company, and 3 in the territory of the Offshore Oil Company.
To note, Iran's entire hydrocarbon reserve is 1.2 trillion barrels. Iran can extract its 340 billion barrels with its existing technology and equipment. Iran can use about 30 percent, and 70 percent remains unused underground.
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