Iran in Place to Become Second Major Opec Oil Producer

According to “Tehran Times”, the Islamic Republic of Iran’s 20- year Outlook Plan recognizes the country as the second major OPEC oil supplier with a share of seven percent in the world crude production. Iran is also expected to emerge the first major producer of petrochemicals in the region in terms of value and the third major gas supplier in the world with an eight to 10 percent share in the world trade of gas and gas derivatives on a 20-year horizon. Iran will under the plan reserve the first rank in the oil and gas technology in the region as well. The Islamic Republic of Iran is expected to produce seven million barrels of oil, liquefied gas and gas condensates a day and about 1.3 billion cubic meters of gas a day on the average by the next decade. Based on the 20-Year Outlook Plan, Iranian refineries will also refine 2,500,000 bpd oil, especially gas condensates and highly heavy crude, on a 10-year horizon under more than $50 billion investment. Under the 20-Year Outlook Plan about $50 billion investment would also be made in the gas upstream sector and more than $20 billion in the downstream sector by the next ten years. Furthermore, about $30 billion investment is needed in the petrochemical sector by the next 10 years.