Iran needs $50b investment in joint oil, gas fields: minister
TEHRAN – “In order to develop remained phases of South Pars and put West Karoun projects into operation, $50 billion investment is required”, the Shana news agency quoted Iran’s Oil Minister Bijan Namdar Zanganeh as saying on Wednesday.
“Extraction from joint oil and gas fields is our first priority,” Zanganeh said.
Iran plans to boost its crude oil production by 170,000 barrels per day (bpd) through putting North Azadegan and Yadavaran oilfields – two of the five oilfields Iran shares with Iraq - into operation.
The target is to be achieved by the end of the current Iranian calendar year (March 19, 2016), Soltan Kamali, the managing director of Arvandan Oil and Gas Company said in May.
Also, National Iranian Oil Company’s Managing Director Roknoddin Javadi said in May that Iran plans to raise its oil production capacity to 3.96 million barrels per day in the current Iranian calendar year, from 3.8 mbpd last year.
Iran also plans to make $20 billion investment to boost its oil production by over 700,000 bpd by the end of Iranian calendar year 1396 (March 2018), the official added.
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