Iran needs $480bn for oil/gas over 28 years

Iran needs investments of $480 billion in the oil and gas sector to realise its ambitious long term energy plans, Minister of Petroleum Gholamhossein Nozari said in Abu Dhabi on Wednesday.

Iran is planning to increase oil production to 5.3 million barrels per day (mbpd) in the next seven years - up from the current capacity of 4.3 mbpd.

The government also wants to produce one billion cubic metre gas per day during the same period, Nozari said in Abu Dhabi after attending the 146th ministerial (extraordinary) meeting of Organization of Petroleum Exporting Countries (OPEC) that concluded on Wednesday.

He said Iran needs an investment of around $150-160 billion over the next seven years to expand its hydrocarbon projects. "We are in the process of negotiating with many foreign companies," Nozari added.