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Iran to invest $275b in developing oil, gas fields by 2041: NIOC
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 the Ministry of Oil for increasing the production of crude oil and gas, Shana reported.
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 noted.
The official pointed to the investment activities in the oil sector and also the increase of oil production in the current year and next year, and predicted that Iran’s oil production volume will reach 3.6 million bpd by the end of the current year (to end March 19, 2024) if about $600 million is invested in this sector.”
With 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.