Iran to Invest $275 bln for Developing Oil, Gas Fields by 2041: Official

The manager of the National Iranian Oil Company (NIOC) for planning affairs said the country is going to invest about $275 billion by 2041 for the development of the oil and gas fields.

News ID: ۸۱۹۳۷۸

13 January 2024

EghtesadOnline: Speaking at the First Conference of Managers of the National Iranian Oil Company, Ahmad Rajabi stated that strategic plans have been defined and are on the agenda of the NIOC and Ministry of Oil for increasing the production of crude oil and gas.

He said there are plans to raise the country's oil production to 5.5 million barrels of oil per day (bpd) by 2031 with a total investment of about $150 billion.

Also, the production volume of raw natural gas is planned to increase to 1.5 billion cubic meters in 2031 with a total investment of about $125 billion, he maintained, IRNA reported.

Elsewhere in his remarks, he pointed to the investment activities in the oil sector and also the increase of oil production in the current and next years and predicted that Iran’s oil production volume will reach 3.6 million  bpd by the end of the current year (to end March 20, 2024) if about $600 million is invested in this sector.”

With the steps taken in the administration of President Ebrahim Raisi in the oil and gas sectors, the oil production volume rose from about 2.1 million bpd to about 3.4 million in two years, the NIOC manager added. / Tasnim