Oil projects worth $4.6b to go operational soon: Iran

According to The Iran Project, According to Oji, over the past 33 months, some 132 semi-finished projects with a total investment of $28.5 billion were also completed and put into operation.

The minister noted that 50 new projects worth over $50 billion have also been started to complete the oil industry’s value chain.

Earlier this month, Oji said the country’s oil production has increased by 60 percent in the current government starting August 2021.

The minister made the remarks in the opening ceremony of the 28th International Oil, Gas, Refining, and Petrochemical Exhibition, better known as Iran’s Oil Show 2024.

Oji said Iran recorded a 20 percent increase in oil and gas production in the previous Iranian calendar year 1402 (March 21, 2023- March 19, 2024), predicting a higher production this year.

“We made a great investment in the Iranian year of 1402 in upstream and downstream sectors and we completed semi-finished projects worth $28 billion," the official said.

The oil minister added: “Last year, oil and gas production growth was more than 20 percent.”

He also said that oil-related products and petrochemicals also witnessed growth, too.

Oji further noted that to have an increase in production this year of 1403 in the Iranian calendar (beginning on March 21), "We have planned new investments and also for increasing production by finishing remaining uncompleted projects.”

“We will try to set a new record [in production growth] this year that is even higher than last year’s 20 percent,” He emphasized.

The official further noted that semifinished projects worth more than $28 billion were completed in the previous year.

According to Oji, the completion of the projects led to a surge in production in oil, gas, refining, and petrochemical industries and the registration of economic growth of over 20 percent in the oil and gas sectors.

The Oil Ministry made effective investments all year long, said the top official, pointing out that new investments in partially finished oil projects have been included in a comprehensive plan to boost production this year.

Reporter : Editorial of The Iran Project