The Deputy Chief for Development and Engineering Affairs at the National Iranian Oil Company (NIOC), Reza Dehqan said that the country is progressing oil and gas projects worth some $50 billion, Shana news agency reported.

This came during his speech at the NIOC-Insurance Companies Forum. 

He added that these projects aiming at increasing the country’s oil and gas output.

Dehqan noted that there are other similar projects will be constructed worth $33 billion.

During the forum, the official said that  Iran’s oil and gas production capacities will reach 5.5 million barrels per day (b/d) and 1.5 billion cubic meters per day (bcf/d) respectively from current 4 mmbl/d and 1 bcf/d by 2029.

Dehqan also pointed to the need to invest $160 billion, two-thirds of which should be funded by foreign investors.

He elaborated that  $22 billion have been invested in the ongoing projects for boosting the country’s gas production adding while $20 billion projects have been also invested in underway projects for increasing oil production.

The official stated that there are 100 investment opportunities in oil and gas industry will be offered in a couple of weeks.