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With prospects for a nuclear detente between Iran and the international community, and thus a lifting of sanctions, better than they have been in over a decade, Iran’s Oil Ministry is drawing up big plans for an upstream opening it hopes will attract some of the industry’s biggest players.
Iran has already made clear its intention to begin ramping up production as soon as the nuclear talks permit, with Oil Minister Bijan Zanganeh targeting 3.8mn b/d output, up from around 2.8mn b/d today, within just six months of sanctions being lifted (MEES, 8 May).
But any sustained push to boost output beyond this 3.8mn b/d target will need to be backed by heavy investment from abroad – something Amirhossein Zamaninia, Iran’s deputy oil minister for commercial and international affairs, feels Iran will have no trouble attracting once sanctions are lifted. (CONTINUED - 504 WORDS)