Iran: Will Spend $18B on O&G Fields in South through 2015

Iran will invest $18 billion in the development of its oil and gas fields in the hydrocarbon-rich south of the country in a 5-year development plan ending 2015, its deputy oil minister in charge of planning was quoted as saying Sunday.

The remarks comes as Iran is moving forward with projects to develop its oil and gas capacity despite international sanctions.

Speaking to Iran’s oil ministry website Shana, Mohsen Khojastemehr said the plan included a $3 billion investment planned for the current Iranian year, which ends March 2012.

“Many plans are being implemented to accelerate development of shared oil and gas fields while the ministry aims to increase oil production in the oil-rich region of the south to 3 million barrels a day,” the official told Shana.

RigZone