Iran intends to invest $130 billion in upstream energy sector from 2005 to 2020, a National Iranian Oil Company (NIOC) official has said.
Samad Mo’men-Bellah added, “Out of the figure, $40 billion goes for development of the oil sector, $45 billion for gas, $25 billion for petrochemicals, and $20 billion for power projects."
The investments would help Iran boost its oil production by 250,000 bpd by the next yearend, said the official, according to MNA. He added that gas sector would witness a 20 percent growth in production.
According to latest figures, Iran’s in-place oil reserves amount to 92 billion barrels, seven percent of the world’s total reserves. The figure is projected to hit 133 billion barrels due to future exploration. (menareport.com)
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