An estimated US$25bn has been invested in Iranian upstream sector projects since March 2012, according to Pars Oil and Gas Company
Speaking at a financial conference, the country's minister of petroleum, Rostam Qasemi, said that Iran had huge potential for growth and development in the oil and gas industry.
Qasemi stated that increasing investments opportunities in the country was an issue that needed to be addressed, adding the country should invest as much as US$400bn, mainly in the upstream sector, to meet targets set under the Islamic Republic's fifth five-year development plan.
Executive work has already commenced at 23 oil and gas fields out of 27 following the completion of development contracts, Qasemi noted.
Investment projects were also underway at shared oil and gas fields including deploying existing resources, buy-back contracts and private sector investment.
Qasemi added that foreign countries have invested US$20bn in the upstream sector recently, noting a rise in investments in comparison to the past few months.
The Central Bank of Iran previously held its money in foreign banks, but under a new agreement it will direct its investments towards the oil market, he said.
