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The National Iranian Oil Company (NIOC) is targeting an investment of $250 billion in its upstream, midstream and downstream oil sectors, especially in liquefied natural gas (LNG) industry, over the next eight years.
Oil Minister Javad Owji made the statement on the sidelines of the Eighth OPEC International Seminar that ended on July 6 in Vienna, Austria, the Oil Ministry’s news portal reported.
Owji said that the country has plans to invest some $250 billion in its massive oil and gas sector until 2031.
He said that Iran has signed some $40 billion worth of oil and gas contracts with domestic and foreign companies over the past two years.
The minister said Iran’s plans to maintain and expand its petroleum facilities have remained unaffected by US sanctions that bar the country’s access to foreign investment and technology.
“Today, Iran carries out expansion and repair in its oil and gas refineries without the presence of foreign experts,” he said.
Experts say that US sanctions on Iran, which have been in place since early 2018, have failed to dent the country’s ability to expand its massive petroleum industry.
They believe a major expansion in the Iranian natural gas sector in recent years has compensated for the relatively low levels of production and exports of crude oil in the country.
Iran is currently producing some 3.8 million barrels per day (bpd) of crude oil and more than 1 billion cubic meters per day of natural gas. The country has some 10 active oil refineries and 21 natural gas refineries while it also counts on massive hard currency revenues from its petrochemicals sector.
Iranian oil exports have reached nearly 2 million bpd in recent months, based on estimates by international tanker tracking services and despite the fact that the country is still banned from international oil trade because of US sanctions.
