Iran needs to invest $24 billion to $30billion per year in its oil industry to reach the 20-year goals of the country the Head of the National Iranian Oil Company (NIOC) says. “Iran has given priority to development of joint oil and gas fields with its neighbors, for instant South Pars gas field which is shared by Iran and Qatar,” Seifollah Jashnsaz told reporters on Monday.
He added that Iran has 12 joint oil fields with its neighbors including Oman, UAE, Kuwait and Saudi Arabia. Earlier in February, the NIOC chief also said that the government had allowed the Oil Ministry to invest $11 billion from its oil sales in oil industry development. Jashnsaz stressed that Iran needs to attract more foreign investment to keep the oil industry alive. “If we do not make the necessary investment, the harm of the lack of timely investment in the oil industry will be irreversible to the country,” he pointed out.
Iran faces an uphill effort to develop its oil and gas reserves because of credit concerns and issues stemming from sanctions backed by Western nations over its peaceful nuclear program.
