Iran’s Oil Minister Javad Owji says the Islamic Republic needs some $80 billion in domestic and foreign investment to avoid natural gas shortage in winters.
Speaking at a parliament session he said this amount is needed “in upstream and downstream to resolve the issue within the next three to four years,” something which is impossible due to lack of foreign investment.
Iran needs to develop its oil and gas sectors by technology from Western energy giants to boost production which is gradually falling. For instance, as natural pressure in the south Pars gas fields is dropping Tehran needs billions of either partnership deals or cash investments to build larger platforms to extract more gas.
Source: Iran International