Iran Invested $25 bn in Upstream Sector

Iran invested almost $25 billion in upstream projects since the beginning of current Iranian calendar year on 20 March 2012.

Iranian minister of petroleum, Rostam Qasemi, said the country with enormous opportunities in oil and gas industry has great potentials for making progress, Shana News Agency reported.

Qasemi said the country should invest as much as $400 billion, especially in upstream sector, to achieve its targets under the fifth five-year development plan.  Of 27 shared oil and gas fields, executive work has been started at 23 fields after finalization of their development contracts, Qasemi added.