Iran’s oil sector needs $130 billion investments by 2021, oil minister says

Almaty. October 24. Silkroadnews – Iran’s oil sector needs $130 billion investments by 2021, Iran's oil minister Bijan Namdar Zanganeh said, Trend writes.

Based on the sixth five-year national development plan to be implemented in 2016-2021 Iran’s oil industry as a whole will require an investment of $200 billion, the minister said.

He also noted that the sixth plan is designed for a greater volume of investments to protect the country’s oil and gas reserves.

B. Zanganeh added that raising the recovery rate of oil fields is expected to add to the current country’s output around 8 billion barrels of crude equivalent to $400 billion on the basis of current oil prices.

With 157.8 billion barrels of recoverable oil reserves Iran’s accounts for the world’s fourth largest crude oil reserves.

The Islamic Republic also has 34 trillion cubic meters of proven gas reserves.

By 2021 the country plans to raise crude output up to 5.7 million barrels a day.