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Iran to invest $480 bln in oil and gas over 28 years

Iran is planning to increase its oil production to 5.3 million barrels per day in the next seven years, up from the current capacity of 4.3 barrels per day.

The Iranian government also wants to produce 1 billion cubic meters of gas per day during the same period, its Minister of Petroleum, Gholamhossein Nozari, told a press conference in Abu Dhabi. „We are in the process of negotiating with many foreign companies,” said Nozari who led Iran’s delegation to the 146th Ministerial (Extraordinary) Meeting of Organization of the Petroleum Exporting Countries, which concluded on Wednesday. He said the country needed an investment of around $150 to 160 billion over the next seven years to expand its hydrocarbon projects. „Over the next 28 years, Iran needs $480 billion of investments in the oil and gas sector to realize its ambitious long-term energy plans,” he said. The minister also expressed Iran’s readiness to provide its neighboring countries with energy and water supplies to meet their demands. (