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.jpg) Iran is investing $100 billion (Dh367 billion) to boost its oil and gas production, a top official said.
“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,” Rostam Ghasemi, Iranian Petroleum Minister, told the media, in response to a question from the Gulf News.
“The investments are part of our plans to increase energy output that will help U.S. meet growing domestic and global demand.
Iran holds 12 percent of global oil reserves and 17 percent of the total world gas reserves.
Iran is exporting 4 million barrels of oil per day, he told reporters on the sidelines of the World Energy Forum.
“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 bpd in August, and according to the most recent secondary source estimates published by Opec, Iran pumped just 2.72 million bpd in September, unchanged from August.
He said, 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.
“We have spent the last 150 years in extracting nearly half of the world’s god gifted resources [fossil fuel reserves]. Are we going to spend the next 150 years consuming the rest - or are we going to look for alternatives?” he asked.
Iran considers green energy plan
Ghasemi also said Iran aims to embark on a green-energy campaign to cut back on domestic oil consumption.
Ghasemi told the World Energy Forum in Dubai that Tehran was starting a renewable energy campaign that embraces solar, wind and biofuels.
"Iran is implementing new economic policies such as subsidies reform, optimizing and standardizing fuel consumption, and changing domestic consuming model," he was quoted by China's official Xinhua News Agency as saying.
Iranian President Mahmoud Ahmadinejad in March approved of a plan to take $650 million out of a national development fund to develop renewable energy projects.
"If you continue to add to the sanctions, we will stop our oil exports to the world," Ghasemi was quoted by Bloomberg News as saying. "Iran has a plan for functioning without oil revenues and if the sanctions are intensified we will implement our plan."
(Source: agencies)
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