TEHRAN Nov. 09 (Shana) – Iran is to introduce 50 major oil and gas projects at an upcoming conference in Tehran on November 28-29, for which $185bn in foreign investments will be needed, a deputy petroleum minister said.
Amir-Hossein Zamani-Nia, deputy minister for international affairs and trading, said Sunday that Iranian Minister of Petroleum has envisaged establishment of interactions between Iranian and foreign contractors and manufacturers under the new contract model.
Iran Petroleum Contract (IPC) is to replace buyback contracts which are no longer attractive to foreign investors.
Addressing an investment conference in Tehran, Zamani-nia added that three major LNG projects are among the projects which will be offered at the IPC conference. The LNG projects were left half-finished due to the US-led sanctions on Iran and will be introduced under IPC framework.
He said Iran consumes an annual amount of 750mcm of natural gas of which more than 200mcm is wasted because of aged and inefficient transferring and consuming systems which need to be revamped by new investments.
The official said Iran will be able to boost its output by at least 500,000 bpd one day after the sanctions removal and will be able to add one million more to its crude oil output a few months after the sanctions removal.