TEHRAN – Iranian oil minister has said that considering oil prices at $55 per barrels, the country’s revenues from oil and gas condensate exports will reach $45-$50 billion in the next Iranian calendar year (March 21, 2017-March 20, 2018), IRNA reported on Saturday.

According to Bijan Namdar Zanganeh, the country’s oil and gas condensate’s exports stand near 2.8 million barrels per day (bpd) for the time being, a volume equal to pre-sanctions level. 

The official also estimated the country’s oil revenues to reach about $40 billion by the end of the current Iranian calendar year (March 20, 2017), of which some amount will be collected in the upcoming year.

“There is little problem with collecting our oil revenues none of which is related to the west-imposed sanctions; we used to sell oil to four or five countries but now our market has expanded and the number has increased significantly,” he said.

Zanganeh also mentioned Iran’s oil projects and said the country is going to need about $130 billion of investment in the upstream sector to reach the goals of the Sixth Five-Year National Development Plan (2016-2021).

Opening its doors to foreign investors, Iran plans to hold the first tender for its new oil and gas contract model on February 15.

EF/MA