Increasing oil, gas production by 50% requires $160b of investment
As stated by the managing director of the National Iranian Oil Company (NIOC), to materialize the company's plan to increase the country's oil and gas production capacity by 50 percent, it is required to invest $160 billion.
Mohsen Khojasteh-Mehr said, “To achieve this goal, we need to invest $89 billion in the oil industry and $71 billion in the gas industry.”
With this investment making, oil production capacity reaches 5.7 million barrels and gas production capacity reaches 1.5 billion cubic meters per day, the official added.
He also emphasized that various plans are being implemented and oil and gas production will increase from next year.
The first priority is to complete the semi-finished projects and the second priority is to develop and start production from joint oil and gas fields, the managing director of NIOC further stated.
Last week, Oil Minister Javad Oji said that a new record high will be reached in the country’s oil export in the current Iranian calendar year 1402 (began on March 21).
The country’s oil export in 1401 was 83 million barrels more than that of 1400, and 190 million barrels more than the export in 1399, the minister announced.
Underlining that now oil export has reached the highest figure in the last two years, the official said, “Considering that the Oil Ministry is one of the main providers of the country's foreign currency; in the 13th government, despite the tightening of cruel sanctions, fortunately, thanks to the grace of God and the efforts of our colleagues in the country's oil and gas industries, there are good records in the field of exporting crude oil, gas condensate, and petroleum and petrochemical products.”
Source: Tehran Times
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