Iran on Tuesday introduced a new 10-part investment initiative designed to attract both domestic and international investors to its upstream oil and gas sectors. The announcement was made during a conference titled Strategic Transformation in Iran’s Upstream Oil and Gas Sector, held in Tehran with the participation of Oil Minister Mohsen Paknejad.
According to Iran’s state news agency IRNA, the package aims to boost competitiveness and increase production, targeting output levels of 4.8 million barrels of crude oil and 1.34 million cubic meters of natural gas per day. Officials hope the new framework will reinvigorate interest in a sector strained by international sanctions and long-standing economic challenges.
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At the conference, the state-run National Iranian Oil Company presented more than 200 investment opportunities, signaling Tehran’s intent to re-engage with global energy markets. While Iran’s energy sector holds some of the world’s largest proven reserves, foreign investment has largely stalled since the US withdrew from the 2015 nuclear deal and reimposed economic sanctions.
Despite those constraints, Paknejad said Iran remains open to collaboration. “We welcome cooperation with both domestic and foreign investors,” he stated during a press briefing at the event.
The oil and gas sector is a cornerstone of Iran’s economy, and leaders have been seeking ways to circumvent sanctions and modernize infrastructure. The new plan appears to be a direct appeal to investors willing to navigate the political and financial risks associated with the Iranian market.