Iran to offer contracts for 21 oil and gas fields

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According to Iran’s Oil Minister Rostam Qasem the country is ready to offer contracts for 21 oil and gas fields to domestic and foreign investors.

Qasemi was reported by ISNA news agency as saying that Iran needs about US$50 billion annually to develop its oil industry for the rest of the Fifth Five-Year Development Plan (2010-2015).

Annual petrochemical production capacity is projected to reach 100mn tonnes by the end of the Fifth Development Plan, he added.

Qasemi stated that new policies have been adopted to attract more foreign investment in Iran's oil and gas sectors. He believes that Iran needs to increase its oil production levels.

"By the end of the Fifth Development Plan, the country's oil production must increase to 5.2 million bpd and this should be realised through the country's joint fields," ISNA quoted Qasemi as saying.

Officials have put Iran's current output at between 3.6mn and 4mn bpd.

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