10 May 2024 - 14:56
  • News ID: 641351
Iran Invests $6.5b in Oil Industry Upstream Sector

SHANA (Tehran) -- Some 6.5 billion dollars were invested in oil industry’s upstream sector on average per year under the incumbent administration, managing Director of National Iranian Oil Company (NIOC) said here on Friday.

Mohsen Khojasteh-Mehr made the remark on the sidelines of the 28th Iran International Oil, Gas, ‎Refining and ‎Petrochemical Exhibition, also known as Iran Oil Show 2024, adding that 15-million-dollar contracts were inked in oil industry’s upstream sector under Iran’s 13 administration in 2.5 years and 6.6 billion dollars of investments were made on average per annum.

Economic growth are driven by main factors, he said, adding Iran’s economic growth is projected to reach eight percent in which oil and gas industry plays a determining role.

“Oil and gas industry had 50 percent share in Iran’s economic growth in last Iranian calendar year (ended March 19, 2024). The data released by the Central Bank of Iran and the Statistical Center of Iran indicated the effective role of oil and gas industry in the country’s gross domestic product (GDP),” he noted.

On manufacturing strategic equipment, he said 80 percent of the equipment needed in upstream and downstream sectors are locally made, and 350 million dollars and 30 trillion rials have been allocated to underway projects to manufacture equipment for the first time and various studies being conducted on discoveries, production and exploitation.

We are looking for digitalization of oil and gas fields through using artificial intelligence and 140 proposals have already been received in this regard, said Khojasteh-Mehr, who is also Iran’s Deputy Petroleum Minister.

On private sector’s cooperation in NIOC’s projects, he said Iran’s oil and gas production have increased. We signed15 million dollar worth of agreements last year, many of which are to be carried out by private sector.

News ID 641351


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