Iran’s oil industry will need $200 billion of investment to help it develop

Almaty. February 9. Silkroadnews - The development of Iran’s oil industry requires about $200 billion of investments, the country’s Oil Minister Bijan Zanganeh says, reported Trend.
According to him, Iran does not have sufficient resources for the independent development of the oil industry.
“That’s why we think to attract the resources required through the foreign sources. We need about 200 billion dollars of investment to develop the joint fields, increase the productivity of oil fields and boost the industry’s sustainable development,” - B. Zanganeh said, adding a new model of oil contracts has been designed with account of such objectives.
The minister said the exploration and production requires $130 billion, while $70 billion are necessary for the processing and sale.
He also noted there are some countries in the region that have taken measures to prevent the foreign investment flow to Iran.
Earlier Iran disclosed the details of the new oil production contracts for 52 fields of the country to the representatives of the world’s largest oil and gas companies.
The oil contracts model of IPC type has been developed by Iran specifically to raise the attractiveness of the country’s oil projects for the foreign investors. IPC offers contractors the various stages of exploration, development and production within an integrated package.
According to the reports coming from Iran, the foreign oil companies negotiate actively to return to the country’s market.