Iran plans to soon start issuing tenders for 21 oil and gas fields to domestic and foreign investors, Fars reported, citing Oil Minister Rostam Qasemi.
The state-run news agency didn’t identify any of the projects or provide a schedule
Sanctions over Iran’s nuclear program have discouraged international companies from pursuing energy projects in the Persian Gulf country, restricting Iran’s access to technology and foreign investment.
Iran needs to invest as much as $50 billion a year in its oil industry to maintain its position as OPEC’s second-largest crude exporter and boost natural gas production, Oil Minister Rostam Qasemi said Nov. 23. Iran needs to increase its output to 5.1 million barrels a day from 3.9 million barrels by 2015, Qasemi said.