Tehran Times reported that Iran, which is under tremendous pressure and undergoing a sanction imposed by the United States and the European Union for pursuing nuclear energy to power its economy is investing USD 100 billion to boost its oil and gas production. Iran holds 12% of global oil reserves and 17% of the total world gas reserves.
Mr Rostam Ghasemi petroleum minister of Iran said that “As part of a new government policy to boost energy production, we are currently investing $100 billion in new oil and gas exploration and production. The investments are part of our plans to increase energy output that will help us meet growing domestic and global demand.”
Iran is exporting 4 million barrels of oil per day. Oil is a commercial, not a political issue. When the price of oil increases, this is to the benefit of some countries. We don’t want the price of oil to increase it has to be a logical price.
According to the latest data submitted by Iran to OPEC, it produced 3.75 million barrels per day in August and according to the most recent secondary source estimates published by Opec, Iran pumped just 2.72 million barrels per day in September unchanged from August.
Mr Ghasemi said that the world needs a sustainable energy production and supply infrastructure to ensure seamless supply of energy throughout the world. Oil and gas sector is yearning for investment and we must ensure that these investments are made to ensure energy security for all.
He said that “We have spent the last 150 years in extracting nearly half of the world’s god gifted resources. Are we going to spend the next 150 years consuming the rest or are we going to look for alternatives? However the non political investment’ aspect, indirectly referring to the external pressures on Iran’s nuclear power development a major source of discontent between Iran and the international community.
New European Union sanctions on Iran which came into law on October 16 include an assets freeze on more than 30 companies involved in the Islamic Republic’s oil and gas sector. Added to the banned list are the ministries of petroleum and energy, the National Iranian Oil Company and several of its subsidiaries both inside and outside Iran, the National Iranian Tanker Company and the National Iranian Gas Company.
The latest measures adopted a day earlier by EU foreign ministers intensify the economic pressure on Iran over its controversial nuclear program by extending the thrust of oil sanctions in force since July across the country’s energy sector.
