Iran Eyes Enhanced Oil Production thru $5b Investment PackageIran is preparing a $5 billion investment package for enhancing the country’s oil output within the next two years, Iranian Minister of Petroleum Bijan Namdar Zanganeh said...
Iran is preparing a $5 billion investment package for enhancing the country’s oil output within the next two years, Iranian Minister of Petroleum Bijan Namdar Zangeneh said.
Addressing the 3rd Iranian Petroleum and Energy Club Congress and Exhibition in Tehran on Tuesday, Zanganeh said the fund will be allocated to repair operations in the existing oil wells and also drilling new wells.
The minister said that the mentioned fund is planned to be secured from Iranian companies, each can also have a foreign partner, Iran’s SHANA news agency reported.
The official further mentioned the country’s new model of oil contracts (known as IPC) saying, “The progress of negotiations with foreign companies for developing oil fields based on IPC is good and acceptable”.
According to Zanganeh, the Oil Ministry’s policy is to choose contractors for all the country’s joint fields within four years to accelerate the development progress.
Zanganeh also mentioned reducing flare gas in the fields and said, eliminating routine flaring should be commenced within four years.