BAKU, Azerbaijan, Sept. 21
By Elnur Baghishov – Trend:
Iran needs $145 billion worth of investments to develop its oil and gas fields, upstream industry and downstream industry, as well as build new refineries over the next 4-8 years, Iranian Oil Minister Javad Owji said, Trend reports citing Shana News Agency.
He made the remark during a meeting with the officials of China's Sinopec Group Zhong Godong.
The minister emphasized that the investment should be made by both local and foreign investors.
Owji also added that Iran has been sending invitations to local and foreign investors to develop the Yadavaran oil field.
“Under the current Iranian government, China and Iran are expected to implement many projects together. The Iranian government is interested in increasing the presence of Chinese companies in Iran,” he said.
As reported, the Yadavaran oil field, which is located 60 km southwest of the Ahvaz city in the Khuzestan Province on the Iran-Iraq border, contains 6.3 billion barrels of oil.
It is estimated that about 6.2 billion barrels of this volume can be extracted. The extraordinary extraction from this field exceeded 50,000 barrels per day. More than 110,000 barrels of oil are currently extracted daily from the first phase of the field through 49 wells.
There are currently 74 oil and 22 gas fields in Iran. So, 37 oil fields are operating in the territory of the National Iranian South Oil Company (NISOC), 14 fields – Iranian Central Oil Fields Company (ICOFC), 5 fields – Arvandan Oil and Gas Company (AOGC), and 18 oil fields – Iranian Offshore Oil Company (IOOC).
In addition, 5 gas fields are operating in the territory of the NISOC, 13 fields – the ICOFC, 1 field – Pars Oil and Gas Company (POGC), and 3 gas fields – the IOOC.
Iran’s total hydrocarbon reserves are estimated at 836 billion barrels. With available technology and equipment, Iran can extract 239 billion barrels. Thus, 29 percent of the country's hydrocarbon reserves are recoverable, while 71 percent remain underground.
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