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Iran needs up to $180bn to meet oil production targets: Official

Iran Press TV

Wednesday, 29 October 2025 7:42 PM

An Iranian Oil Ministry official says that the country requires up to $180 billion in investment to increase its oil production by at least 1 million barrels per day (bpd) by 2028, as outlined in its national development plan.

Nasrollah Zarei, who serves as CEO of Petroleum Engineering and Development Company, said on Wednesday that Iran's Seventh National Development Plan targets an output of 4.8 million bpd within three years.

However, Zarei said that the target may be out of reach due to financial constraints caused by foreign sanctions.

He said that even a more modest target of 4.5 million bpd would require $170 to $180 billion in investment, of which the government can only allocate $10 billion. He called for an immediate revision of funding schemes for oil projects in Iran, saying the country's sovereign wealth fund could play a larger role in financing such projects.

Despite stringent US sanctions that restrict oil sales and reinvestment, Iran has maintained its production at approximately 3.5 million bpd in recent years. Nearly 2 million bpd are exported, with the remainder used for domestic fuel and petrochemical production.

While Iran has faced challenges in meeting its oil output targets, it has achieved significant breakthroughs in the production of natural gas. The country is now the world's third-largest gas producer, with a daily output of nearly 1 billion cubic meters, which experts believe is equivalent to approximately 6.3 million barrels of oil.

This solidifies Iran's position as a leading hydrocarbon supplier, whose petroleum industry has a key role to play in global energy markets.

Chairman of Iran's Geological Society, Mansour Ghorbani, said on Wednesday that the country holds some 36 trillion cubic meters of gas, representing 16% of global reserves, adding that the figure could rise to 50 trillion cubic meters with new discoveries.

Ghorbani also said that Iran's oil reserves are estimated at 157 billion barrels, ranking among the world's largest.