|Iran’s NDF allocates $7b to upstream oil projects||
TEHRAN – Iran’s National Development Fund (NDF) has allocated $7 billion to the implementation of upstream oil projects, NDF Managing Director Seyyed Safdar Hosseini said on Wednesday.
The upstream oil and gas sector is commonly known as the exploration and production sector.
The NDF has also earmarked $2 billion for the construction of new refineries and the development of petrochemical complexes, the Shana News Agency quoted Hosseini as saying.
He said that the NDF assets reached $40.168 billion on the last day of the second Iranian calendar month of Ordibehesht (May 21).
Based on Iran’s Fifth Five-Year Development Plan, the government should deposit more than 30 percent of its annual oil income to the National Development Fund.
On March 17, Iranian Oil Minister Bijan Namdar Zanganeh said Iran forecasts an increase in its crude oil and natural gas production in Iranian calendar year 1393, which began on March 21.
Iran’s crude oil output is forecast to increase by about 200,000 barrels per day to 4 million barrels per day, and its daily natural gas output is forecast to increase by about 100 million cubic meters per day to 400 million cubic meters per day, Zanganeh added.
Iran is estimated to hold 33.7 trillion cubic meters of natural gas and 157 billion barrels of recoverable crude oil reserves.
Thus, Iran possesses the world’s second largest reserves of natural gas and the world’s fourth largest reserves of crude oil.
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