Iran says $30 billion oil exploration deals in the pipeline
06 Feb 2010
Iran is all negotiating oil exploration deals worth investments totalling $30 billion in five major foreign companies.
Reports quoting National Iranian Oil Company's managing director Seifollah Jashnsaz said negotiations are underway to finalize deals worth $30 billion with five foreign companies to develop the Lavan gas field, phases 13 and 14 of South Pars gas field, Azadegan oilfield, Kish gas field, and two exploratory blocks at the Caspian Sea.
"We are planning to finalise the deals by the next two months," the Mehr news agency quoted the NIOC chief as saying.
Iran's fifth five-year development plan (2010-2015) aims at $155 billion investments in upstream oil and gas projects despite the US-led sanctions aimed to deter foreign investments.
Iran had the third-largest oil reserve in the world with approximately 136 billion barrels as of 2007. This is roughly 10 per cent of the world's total proven petroleum reserves.
Iran is also the world's fourth-largest oil producer and is OPEC's second-largest producer after Saudi Arabia.
Iran also has the world's second-largest natural gas reserve (15 per cent), including an estimated 974 trillion cubic feet in proven natural gas reserves.
