Iran to invest some $19 billion in petroleum projects

The Iranian National Oil Company plans to invest about $19 billion in petroleum projects from March 2014 to March 2015. Should the sanctions be lifted, Iran will be able to increase oil extraction from 3.4 million barrels daily at the moment to 5.7 million in 2018, Iran.ru reports.Specialists say that over $150 billion should be invested in the petroleum sector in the next 5 years. Oil-extraction contracts will be presented in London in November. The new contracts will be even more beneficial than the existing ones, they will have flexible payment terms for oil extraction taking into account the risks to the return on the funds spent. The contracts will have cooperation terms of 20-25 years.

The Iranian National Oil Company plans to invest about $19 billion in petroleum projects from March 2014 to March 2015. Should the sanctions be lifted, Iran will be able to increase oil extraction from 3.4 million barrels daily at the moment to 5.7 million in 2018, Iran.ru reports.

Specialists say that over $150 billion should be invested in the petroleum sector in the next 5 years. Oil-extraction contracts will be presented in London in November. The new contracts will be even more beneficial than the existing ones, they will have flexible payment terms for oil extraction taking into account the risks to the return on the funds spent. The contracts will have cooperation terms of 20-25 years.