Over $18 Billion Invested in Iran’s Upstream Oil Sector
From Trend Magazine
Over $18 billion has been invested in Iran’s upstream oil sector since the beginning of the current Iranian calendar year (March 20, 2012), the Fars News Agency quoted National Iranian Oil Company official Abdolmohammad Delparish as saying.
He added that 70-75 percent of the investments have been made in joint oil and gas fields.
On February 5, the Shana News Agency quoted National Iranian Oil Company managing director Ahmad Qalebani as saying Iran’s oil revenues during the past Iranian calendar year amounted to $110 billion.
The figure was a record high in the history of Iran’s oil industry, he added.
Last year, $22.6 billion was invested in the upstream sector of the oil industry, compared to $16.7 billion two years ago, he noted.
MP Gholamreza Mesbahi-Moqaddam, who is the chairman of the Iranian parliament’s Economic Committee, has put the current volume of Iranian oil sales at around 1.03 million barrels per day, but says that the current target is 2.5 million barrels per day.
At the beginning of 2012, the United States and the European Union imposed new sanctions on Iran’s oil and financial sectors with the goal of preventing other countries from purchasing Iranian oil and conducting transactions with the Central Bank of Iran.
U.S. sanctions entered into force on June 28, while EU bans on Iranian oil imports came into force on July 1.
In October, the EU approved another major package of economic sanctions on Iran.
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