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- Iran: 7 crew members of detained UK ship freed
- US addiction to sanction threaten its power: Iran’s Zarif
- Dutch role in 2007 Stuxnet attack on Iran’s nuclear site under scrutiny: Iraian FM Spox.
- Iran: ‘Sustainable Security 2019’ kicks off in Caspian Sea
- Iran’s Zarif leaves Tehran for Moscow
- Shiraz University ranked 1st in liver transplantation: Iranian health official
- Japan’s Abe to meet Iran’s president to discuss easing tension in region
- Downing of US spy drone shattered war threats against Iran: Top IRGC commander
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- Iranian Taekwondo team wins 2019 World Cup championship
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- Crew fixing Iran oil tanker broken down in Red Sea
- As Iranians hold nerves, US seeks to scare off trade
- Leader expresses concern about Kashmir, urges India to follow fair policy toward Muslim-majority region
- Iran saffron exports down due to smuggling, government restrictions: Exporter
- Iran FM warns US against ‘serious miscalculation’ in Persian Gulf
- Iran’s resistance policy led to release of oil tanker: MP
- Iran in reverse brain drain as top students come home in rising numbers
- Iran official calls for compensation for tanker seizure
- Iran hails N Korea for standing against ‘unilateral’ US demands
- Shia Muslims celebrate Eid Al-Ghadir
- North Korea praises Iran’s anti-US struggle
- Zarif says to meet French president Friday
- Iranian court hearing case of UK oil tanker
- Over half of Japanese voters oppose joining US-led anti-Iran coalition in Persian Gulf: Poll
- IME trade ups by 21 percent in July
- Finland backs INSTEX in defiance of US
- US anti-Iran policy in high seas harms Europeans: LA Times
- Iran, China confer on Syria
- Iran, Finland share views on Persian Gulf dialogue forum: Zarif
- Iran warns US against seizure of oil tanker
- Iraq eager to benefit from Iranian Police’s experience
- Iran planning 3rd step to reduce nuclear commitments: Spokesman
- Leader grants clemency to over 1,000 Iranian inmates
- Registration for Arbaeen Pilgrimage to begin in Iran on Friday
- Iran, Iraq agree to reopen Khosravi border crossing
- Iran deplores suicide attack at Kabul wedding hall
- Iran to hold int'l hand-woven carpets expo
- Zarif meets with Iran-Kuwait Friendship Group members
- Adrian Darya oil tanker not under any sanctions, says Iran envoy
- ‘Iran to stay in nuclear deal as long as its interests are met’
- India envoy happy with positive trend of trade with Iran
- Iran’s annual export of white meat tops 2.5m tons: Minister
- Iranian scientist discovers new state of matter
- Iran, Japan diplomats discuss bilateral ties
- Iran, Ansarullah, European representatives Yemen developments
- ‘Iran to become self-sufficient in producing aircraft engines'
- US issues seizure warrant for Iranian supertanker 'Grace 1'
- Neanderthal tooth unearthed near Iran’s Zagros mountain
- Iran’s Zarif due in Kuwait on Saturday
- US faces humiliating defeat after Gibraltar releases Iranian tanker: Envoy
- Spokesman rejects claim on Iran’s commitment in exchange for tanker release
- Zarif reacts to release of Iranian tanker in Gibraltar
- Israel, UAE engaged in secret talks on Iran arranged by US: Report
- US threatens visa ban as Iranian-operated tanker sets to sail from Gibraltar
- Enemies must factor Iran's global power in their calculations: IRGC's chief commander
- Trump’s administration conflicting messages to Iran baffle go-betweens: Report
- Gibraltar releases Iran-operated tanker despite US pressure
TEHRAN, April 04 - Iran will dedicate about $21 billion in capital expenditure (capex) on oil projects over the next four years, according to leading market research and analysis firm GlobalData.
TEHRAN, Young Journalists Club (YJC) - The spending is aimed at ensuring that production grows to around 4.9 million barrel per day (bpd) in 2021, the UK-based company said in its latest analysis of the country’s energy plans.
“Iran is expected to spend $13.1 billion as capex (capital expenditure) on conventional oil and $7.9 billion on heavy oil projects during 2018 to 2021, with spending topping in 2019 at $5.7 billion,” it said.
Iran is one of the cheapest countries in terms of oil and gas production. According to GlobalData, average full cycle capex per barrel of oil equivalent for Iran’s oil projects is $3.6.
Onshore projects have an average full cycle capex of $3.0 per barrel of oil equivalent, while shallow water projects have an average of $5.3 per barrel of oil equivalent in full cycle capex, it said.
“Average development break-even price for oil projects in Iran is about $27.6 per barrel. Shallow water projects require an oil price of $35.4 per barrel to break even, while the onshore projects have a development break-even oil price of $25.5 per barrel.”
By 2021, Iran will have 66 fields producing liquid hydrocarbons, of which 38 and nine are conventional and heavy oil fields, while 19 are gas fields producing condensate, the report said.
Iranian officials say the country needs $200 billion of investments for upstream and downstream projects by 2021.
The government expected a 2015 nuclear agreement with the West and other countries would open the floodgates of foreign investment to the country but concrete dedications have been modest so far.
The biggest contract since the lifting of sanctions in 2016 has been with France’s Total to develop part of the massive South Pars gas field at a cost of $4.8 billion.
The country signed three oil deals during the Iranian year which ended last month.
On Monday, Russia’s presidential aide Yuri Ushakov said his country expected to invest more than $50 billion in Iran’s oil and gas sector.
"Energy is the most promising sphere for cooperation between Russia and Iran. Leading Russian oil and gas companies such as Gazprom, Gazprom Neft, Rosneft, Lukoil, Zarubezhneft and Tatneft are systemically working on development of fields in Iran. The expected amount of investments is over $50 billion," he said in Moscow.
Russia and Iran signed six provisional agreements to collaborate on “strategic” energy deals worth up to $30 billion when President Vladimir Putin visited Tehran last November.
Source: Presstv
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