Petrobras to invest $ 34 mm in Iran’s Persian Gulf reserves

Brazilian state oil company Petrobras announced that it will invest over $ 34 mm in oil exploration in one of Iran’s reserves in the Persian Gulf in the next four years.
The company’s Regional Director Nestor Serbero announced the news at the annual meeting of the Latin American and Caribbean oil and gas companies held in the northern part of the country. The Brazilian concern had earlier signed a contract with the National Iranian Oil Company (NIOC) to explore the 8,000 square meters of Toulsan oil field in the Persian Gulf.
"The marketing of the product is the task of the NIOC," Serbero underlined.

The participation of the Brazilian company in Iranian oil sector heralds its re-entry in the Middle East after it was forced to withdraw from the region following its finding of the huge Majnoun oil field in Iraq in the 1970s. Iran will be in pressing need to develop its oil, gas and petrochemical sectors in the future, said Oil Minister Bijan Namdar-Zanganeh.
Inaugurating the 9th Oil, Gas, Petrochemical Exhibition, Zanganeh said, "If we work properly, we would be able to meet domestic demand, as well as partially supply the requirements of the Persian Gulf littoral states and countries to the north of Iran."

Zanganeh said there are few contractors in Iran who are able to undertake a rls 2,000 bn project. He said cautious estimates put the amount of investment required in the national petroleum industry at $ 100 bn in the next decade. Committing 60 % of the investment would mean creation of jobs worth at least $ 6 bn for Iranians, the oil minister underlined.
He put the total amount of investment in the buy-back projects at about $ 20 bn in oil and gas sector, and $ 15 bn in refining and distribution of domestic resources.
"The bulk of investment -- about $ 10 bn to $ 12 bn -- has been committed in the petrochemical industry," he added.

He said 40 to 45 % of the capital investment has been generated from domestic resources.
The minister stressed close contacts between Iranian and foreign contractors to help promote national oil, gas and petrochemical industries.