Iranian Oil Minister has announced that Iran has achieved its targets for its first year under Iran’s Seventh Development Plan (Shana, 10/11/2025). During this year, the country has mainly achieved a 6.2% growth on its oil and gas extraction, the establishment of an oil and gas investment account that is expected to reach about IRR90tn (about US$2bn) by the end of 2025, the introduction of 24 oil and 34 gas fields to domestic and foreign investors and the signing of four development contracts to produce around 32 mcm/d and 78 kb/d. Average crude oil production reached about 4.15 mb/d, while raw gas production was at about 1 Gb/d.
The plan’s overall objectives, which are to be developed over a five-year period, are expected to require about US$190bn in funding.