05 July 2011
Iran plans to invest more than $40 billion in the oil industry by the end of the current Iranian year to March 2012, a senior Oil Ministry official said.
"A total of $24 billion was invested in the oil industry last year and we are trying to increase this to $40 billion this year," Shana quoted Deputy Oil Minister Mohsen Khojastehmehr as saying on Monday.
He added that the oil-rich country is also planning to increase crude production by one million barrels per day by the end of the country's Fifth Five-Year Development Plan (2010-15).
According to British Petroleum's latest report, titled the Statistical Review of World Energy, Iran's oil production climbed 45,000 barrels daily compared to the figure for 2009. The report added that the average of Iran's crude production stood at 4.245 million barrels per day in 2010.
On Sunday, Khojastehmehr said that Iran produces $217 billion worth of oil and gas products per year.
He added that considering new investments in Iran's oil and gas industries, annual production will increase to $350 billion in the near future.
Iran, which is the world's fourth largest oil producer, holds the world's second largest natural gas reserves after Russia.
Oil, Gas Output at $217b
Khojastehmehr also said on Sunday the Islamic Republic produces $217 billion worth of oil and gas products per year.
He said that given fresh investments in Iran's oil and gas industries, the annual production of the country will increase to $350 billion in the near future, Mehr News Agency reported.
The official stated that Iran produced more than four million barrels of oil, 600 million cubic meters of gas, and 400,000 barrels of gas condensates per day by 2010.
He pointed out that according to the Fifth Five-Year Development Plan (2010-15), the daily output of oil is set to reach 4.4 million barrels, natural gas production will hit 1.47 billion cubic meters per day, and the gas condensates output is planned to rise to 1.2 million barrels a day.
"Once all the investment plans in the upstream and downstream sectors of the oil industry are implemented, the value of Iran's oil and gas production will rise to $350 billion by 2015," Khojastehmehr said.
He also said that about $150 billion will be funneled into the country's upstream oil and gas sector during the Fifth Five-Year Development Plan, noting that the investment will bring in about $179 billion during the time span.
"Thirty-two billion dollars (of the total sum) will be set aside for maintaining production and logistics, $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," the official said.
Iran plans to invest more than $40 billion in the oil industry by the end of the current Iranian year to March 2012, a senior Oil Ministry official said.
"A total of $24 billion was invested in the oil industry last year and we are trying to increase this to $40 billion this year," Shana quoted Deputy Oil Minister Mohsen Khojastehmehr as saying on Monday.
He added that the oil-rich country is also planning to increase crude production by one million barrels per day by the end of the country's Fifth Five-Year Development Plan (2010-15).
According to British Petroleum's latest report, titled the Statistical Review of World Energy, Iran's oil production climbed 45,000 barrels daily compared to the figure for 2009. The report added that the average of Iran's crude production stood at 4.245 million barrels per day in 2010.
On Sunday, Khojastehmehr said that Iran produces $217 billion worth of oil and gas products per year.
He added that considering new investments in Iran's oil and gas industries, annual production will increase to $350 billion in the near future.
Iran, which is the world's fourth largest oil producer, holds the world's second largest natural gas reserves after Russia.
Oil, Gas Output at $217b
Khojastehmehr also said on Sunday the Islamic Republic produces $217 billion worth of oil and gas products per year.
He said that given fresh investments in Iran's oil and gas industries, the annual production of the country will increase to $350 billion in the near future, Mehr News Agency reported.
The official stated that Iran produced more than four million barrels of oil, 600 million cubic meters of gas, and 400,000 barrels of gas condensates per day by 2010.
He pointed out that according to the Fifth Five-Year Development Plan (2010-15), the daily output of oil is set to reach 4.4 million barrels, natural gas production will hit 1.47 billion cubic meters per day, and the gas condensates output is planned to rise to 1.2 million barrels a day.
"Once all the investment plans in the upstream and downstream sectors of the oil industry are implemented, the value of Iran's oil and gas production will rise to $350 billion by 2015," Khojastehmehr said.
He also said that about $150 billion will be funneled into the country's upstream oil and gas sector during the Fifth Five-Year Development Plan, noting that the investment will bring in about $179 billion during the time span.
"Thirty-two billion dollars (of the total sum) will be set aside for maintaining production and logistics, $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," the official said.
© Iran Daily 2011
