Monday, May 20, 2024

Iran plans a $200bn investment in oil industry

Iran’s Oil Minister Javad Oji says the country needs a $200bn investment in the upstream and downstream and petrochemical industries, the bulk of which has been raised under 50 contracts.

Oji said the contracts pertain to the development of oil fields, gas flares and gas fields as well as the improvement of the operation of refineries in terms of quality and quantity.

The Iranian oil minister said in the event of the revival of the 2015 Iran nuclear deal, foreign companies will rush to participate in this plan.

Oji referred to the designation of the Persian year of 1401 as the year of knowledge-based companies, saying more than 200 knowledge-based firms have announced readiness to cooperate with the Oil Ministry.

Oji said with the construction of a petro-refinery in Hormozgan Province, in southern Iran, the Oil Ministry will be able to produce 300 thousand barrels and this capacity, alongside the Persian Gulf Star Refinery, will be highly conducive to the provision of oil and gas products.

He noted that most of the fields of activity proposed to knowledge-based companies are related to optimizing fuel consumption, increasing production in oil and gas fields and shallow wells and increasing productivity.

Oji said, “We are capable of producing 1 billion cubic meters of natural gas and 3.85 million barrels of oil by relying on the capabilities of our own experts.”

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