Subscribe to our free daily newsletters
  Oil and Gas News from OilGasDaily.Com  

Subscribe to our free daily newsletters

Iran lays out future upstream investment expectations
by Daniel J. Graeber
Tehran (UPI) Oct 26, 2015

disclaimer: image is for illustration purposes only

The exploration and production side of the energy sector needs the bulk of the focus for a re-emerging Iran, a managing director at Iran's oil company said.

Iran next month rolls out the preliminary terms for contracts in a post-sanctions climate. Ahead of next month's investment conference in Tehran, Ali Kardor, deputy managing director at the National Iranian Oil Co., said the county needs at least $250 billion in new investments.

"During 2016-25, our upstream sector needs $176 billion and the downstream sector needs $77 billion of investment," he said.

Lower crude oil prices, down about 45 percent from last year, has forced most major energy companies to cut back on spending in exploration and production, known as the upstream side of the sector.

The health of the upstream sector is in part reflected in rig counts. Oil services company Baker Hughes last week reported there were 1,140 rigs actively exploring for or producing oil and gas internationally in September. That's down 13 percent from last year.

Crude oil prices are lower primarily because lackluster global economic growth leaves markets tilted heavily toward the supply side. More crude oil from members of the Organization of Petroleum Exporting Countries, of which Iran is a member, could put further downward pressure on oil prices.

Iran said side price should be no deterrent to its production objectives.

"Iran has the cheapest oil produced in the world," the deputy managing director said.

OPEC said in a monthly newsletter Iran is expected to start up dozens of oil and gas projects, worth an estimated $185 billion, by the end of the year. Sanctions, easing as a result of a July nuclear agreement with world powers, have nevertheless starved Iran's energy sector of much-needed new investments.

The International Monetary Fund said Iran's economy is facing "severe structural challenges," with postponed investment decisions dragging on growth.

Thanks for being here;
We need your help. The SpaceDaily news network continues to grow but revenues have never been harder to maintain.

With the rise of Ad Blockers, and Facebook - our traditional revenue sources via quality network advertising continues to decline. And unlike so many other news sites, we don't have a paywall - with those annoying usernames and passwords.

Our news coverage takes time and effort to publish 365 days a year.

If you find our news sites informative and useful then please consider becoming a regular supporter or for now make a one off contribution.

SpaceDaily Contributor
$5 Billed Once

credit card or paypal
SpaceDaily Monthly Supporter
$5 Billed Monthly

paypal only


Related Links
All About Oil and Gas News at

Comment on this article via your Facebook, Yahoo, AOL, Hotmail login.

Share this article via these popular social media networks DiggDigg RedditReddit GoogleGoogle

Previous Report
Long-awaited pipeline through Afghanistan moving forward
Manila (UPI) Oct 26, 2015
Roughly 15 years in the making, a multilateral agreement on the planned Turkmenistan-Afghanistan-Pakistan-India natural gas pipeline was signed during meetings in Ashgabat, the capital of Turkmenistan. Members of a pipeline consortium planning the gas pipeline east from Turkmenistan announced their preliminary shareholder arrangements at a steering committee. Sean O'Sullivan, dir ... read more

UN chief says 'no plan B or planet B' in climate talks

To reach CO2, energy goals, combine technologies with stable policies

EDF for carbon price floor

Shift from fossil fuels risks popping 'carbon bubble': World Bank

Synthetic batteries for the energy revolution

Breakthrough to the development of energy-saving devices for the next-gen

Unveiling distribution of defects in proton conductors

What are these nanostars in 2-D superconductor supposed to mean

New UT study highlights environmental, economic shortcomings of federal biofuel laws

Light emitting diodes made from food and beverage waste

Study: Africa's urban waste could produce rural electricity

Researchers create inside-out plants to watch how cellulose forms

Japan on track for another nuclear reactor restart

Iran likely to sell excess enriched uranium abroad instead of diluting it

China Increasingly Investing Money in New Nuclear Power Plants

Ukraine to Terminate Deal With Russia on Nuclear Fuel Plant Construction

A mixed blessing for Germany's climate plans

Global bishops call for 'complete decarbonisation' by 2050

Persian Gulf: too hot for humans by 2100?

Will climate change make the world lazier?

Hands-free gadgets create safety hazards for drivers: study

Tokyo Motor Show: firms target digital-savvy, eco-conscious drivers

France slams EU delay in tougher auto pollution tests

Peugeot sees Q3 car sales rise 3.2% despite China slowdown

Iraq Kurds release footage of US commando raid

Iraqi forces claim found 365 IS bodies in Baiji graves

Iraq slaps arrest warrant on trade minister over graft

Iraqi forces in huge anti-jihadist push in Baiji


Memory Foam Mattress Review
Newsletters :: SpaceDaily :: SpaceWar :: TerraDaily :: Energy Daily
XML Feeds :: Space News :: Earth News :: War News :: Solar Energy News

The content herein, unless otherwise known to be public domain, are Copyright 1995-2017 - Space Media Network. All websites are published in Australia and are solely subject to Australian law and governed by Fair Use principals for news reporting and research purposes. AFP, UPI and IANS news wire stories are copyright Agence France-Presse, United Press International and Indo-Asia News Service. ESA news reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. All articles labeled "by Staff Writers" include reports supplied to Space Media Network by industry news wires, PR agencies, corporate press officers and the like. Such articles are individually curated and edited by Space Media Network staff on the basis of the report's information value to our industry and professional readership. Advertising does not imply endorsement, agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. Privacy Statement