TEHRAN (FNA)- Iran on Tuesday announced that it plans to make 125bln to 200bln dollars of investment in upstream oil and gas projects in the framework of the country's fifth Development Plan.
"A look into the future tells us that exploration, expansion and production of offshore oil and gas should be dealt with much more seriously than onshore (oil and gas production) when drawing plans," Managing Director of Iranian Offshore Oil Company (IOOC) Mahmoud Zirakchianzadeh said.
"Thus, planning has been don for investing 125bln to 200bln dollars in upstream oil and gas industries in the fifth Development Plan," he added.
Zirakchianzadeh reminded that 60% of oil and 40% of gas reserves of the world are located in the Persian Gulf, "and due to the same reason, all discussions and even policy-makings in relations to the Persian Gulf region are interwoven with the issue of energy."
He further described energy as a strong point for Iran in its international interactions, and said the Persian Gulf region as the world energy hub enjoys the most advantages in comparison with the other parts of the country when one thinks of projects for sustainable development.
Former Iranian Oil Minister Qolam Hossein Nozari had announced last June that total investment in Iran's oil projects had amounted to $66 billion in the past four years.
"Many people, (at the beginning), did not believe this amount of investment could be made, but that investment has now turned into real operational projects," Nozari added at the time.
In total, Iran's five-year energy sector investment plan requires investments totaling around $30 billion per year, Nozari said at the time.