Iran draws $12.5bn investment in oil: Who really knows the truth with this story?

More than 12.5 billion dollars has been invested in Iran’s oil and gas industry during the past Iranian year (ended March 20), says a senior Iranian energy official.


Head of the National Iranian Oil Company (NIOC) Seifollah Jashnsaz said on Tuesday that the amount of investment, a 25 percent increase compared to the previous year, breaks the previously held record of ten years ago.

Jashnsaz also rejected rumors about a decrease in Iran’s oil exports due to mounting pressure from the United States and its allies over Tehran’s nuclear program.

“We have no problem in oil exports,” he said, adding “the development process of (oil) fields is very suitable and the sanctions are ineffective.”

Jashnsaz stressed that Iran needs to attract even more foreign investment to keep the oil industry alive. “If we do not make the necessary investment, the harm caused by a lack of timely investment in the oil industry will be irreversible to the country,” he pointed out.

He noted that Iran needs to invest $24-30 billion per year in its oil industry to reach the country’s 20-year goals.

Iran has the second largest gas reserves in the world after Russia and sits on the third largest oil reserves.