Iran to Offer tenders for 21 Oil and Gas Fields

Iranian Oil Minister Rostam Qasemi has said that the country is ready to offer contracts for 21 oil and gas fields to local and foreign investors.

The minister said that Iran needs about $50 billion annually to develop its oil industry for the rest of the Fifth Five-Year Development Plan (2010-2015).

Country’s annual petrochemical production capacity is projected to reach 100 million tons by the end of the Fifth Development Plan.

Iran's recoverable oil reserves stood at 154.8 billion barrels. However, Iran's oil reserves currently stand at 158 billion barrels as a result of new discoveries.

Current output stands at between 3.6 million and 4 million bpd.

Iran sits on the world's second largest natural gas reserves after Russia and is trying to attract more foreign and domestic investment, especially in the South Pars gas field, in order to raise its gas production.