The government hopes foreign companies will invest as much as $50 billion a year in Iran’s oil industry. Major European oil companies such as Italy’s Eni SpA and France’s Total SA have expressed an interest in developing Iran’s oil and gas fields.
The OPEC member pumped 4.632mn barrels of crude oil per day in July compared with 4.559mn bpd in June, state-run Oil Marketing Company (SOMO) said in a recent statement.
"Oil exports has risen to 2,500,000 barrels per day and children of the Iranian nation (officials) have been capable of moving the stopped wheels of oil production and regaining the past markets through increase in the production."
Indonesia is looking to increase imports of LPG, petrochemical products and crude oil from Iran in the near future. Earlier this year, Indonesia inked a deal to buy LPG from Iran.
Iran has already built 900 km length of the pipeline on its territory while Pakistan still has to start work on the pipeline. Once the pipeline is operational, about 250 million cubic feet gas would be imported from Iran during first year, while in the second year the import of gas would be enhanced to 500 million cubic feet while in the third year 750 million cubic feet gas would be imported.
During the visit, President Rouhani attended trilateral talks among Iran, Russia and Azerbaijan and conferred with his Russian and Azeri counterparts on expansion of trilateral cooperation in commerce, energy, telecommunications, environment, fight against terrorism, transportation and transit of goods.
Iran is introducing a new contract framework for its energy deals to sweeten them for foreign financiers.
"Not only willing to cooperate with Zarubezhneft Company as investor in the fields, we are also calling for fully benefiting from their state of art technology,"
Ramezani told the Panel of Prospect of Gas Industry in Next Half a Century that the deal is expect to prepare the condition for export and shipment of gas to West Europe.
The $10bn Tapi project is aimed to carry 33bn m³/yr of gas to the participant countries by 2021. Ashgabat has an 85% stake in the challenging project, which equates to one third of the country's total yearly budget.