Tehran Times reported that the Iranian Oil Ministry plans invest IRR 100 trillion in 12 projects in the oil and gas sectors in the current Iranian calendar year which ends on March 20th 2013.
The money will be spent mainly on developing the South Pars gas field, developing other oilfields in the Persian Gulf and establishing LNG plants.

According to the Fifth Five Year Development Plan (2010-2015), USD 30 billion should be invested in the oil and gas industries every year.

Mr Rostam Qasemi oil minister of Iran has said that the global economic sanctions imposed on the Islamic Republic would not hinder the development of the country’s oil industry. The ministry is committed to accelerating the implementation of its development plans, financed through the financial system and through government bonds.

In August 2011, Mr Qasemi said that the government had to begin preparing prioritized plans for the development of joint oilfields and should increase the funding for those projects. The oil industry’s infrastructure needs more than IRR 500 trillion of investment to achieve the objectives of the 20 Year Vision Plan.

Mr Ahmad Qalebani MD of National Iranian Oil Company has said that the country’s daily oil and gas output should amount to 5 million barrels and 1.47 billion cubic meters respectively by 2015.

Source - Tehran Times

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