Iran plans to invest $150 billion in its upstream oil and gas sector during the Fifth Five Year Development Plan, deputy minister of petroleum for planning and supervision on hydrocarbon resources, Mohsen Khojastemehr announced here.
The investment in the upstream oil and gas sector will bring $179 billion in five year’s time; IRNA quoted Mohsen Khojastehmehr as saying on Monday.
Around $100 billion of the total $150 billion investment will be funded through foreign investments and local bank loans.
He went on to say that, the remaining 50 billion dollars will be provided by Iran’s oil ministry.
According to Khojastehmehr, $32 billion would be invest for maintaining production and logistic, $4 billion for oil and gas exploration, $34 billion for the development of oil fields, $75 billion for the development of gas fields and $5 billion for the development of the midstream sector.
He also said that if the projected investment is realized, Iran’s crude oil production will reach 4.7 million barrels per day, natural gas production will climb to 1.47 billion cubic meters per day, and daily production of gas condensates will stand at 1.2 million barrels.
He pointed out that investment can pave the way for purchasing modern technologies and tapping into new management skills as well as technical knowhow.
[mappress] Source:Iraniangas , June 1, 2011