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Iran to spend $140B for increase of oil and gas output


Iran plans to increase the daily oil output to 4.3 million barrels, gas production to 1.3 billion cubic meters by 2022, Deputy Director at National Iranian Oil Company (NIOC) for Development and Projection Reza Dehghan said at the World Petroleum Congress.

 

According to him, it’s needed $140 billion to achieve this goal and 2/3 of this fund will fall to share of foreign investments.


Total oil reserves on projects planned to be realized make up 284 billion barrels, gas reserves – 60 trillion cubic meters.

 

According to information published by OPEC, Iran produced 3.795 million barrels of oil in May.  

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