Ministry Of Petroleum (Iran)
The Ministry of Petroleum (MoP) (Persian: وزارت نفت Vezârat-e Naft) manages the oil industry, the producer of oil and petrochemical products. MoP is in charge of all issues pertaining to exploration, extraction, exploitation, distribution and exportation of crude oil and oil products. In addition, according to the "Imports and Exports Regulation Act", issuing import licenses for such products is also among the functions of the Ministry of Petroleum. According to BP, Iran's has 137.6 billion barrels (2.188×1010 m3) of proven oil reserves and 29.61 trillion cubic meters of proven gas reserves. Iran ranks third in the world in oil reserves and second in gas reserves.
According to the Fourth Economic, Social and Cultural Development Plan, the Government has been required to transfer at least 10% of the activities related to the exploration, extraction and production of crude oil to the private sector, while in the meantime retaining its ownership of oil resources. This is also the case in other fields of the Ministry of Petroleum's activities.
Iran plans to invest $500 billion in the oil sector until 2025. As of 2010, $70 billion worth of oil and gas projects are under construction. Iran's annual oil and gas revenues will reach $250 billion by 2015.
Read more about Ministry Of Petroleum (Iran): Constitution, National Iranian Oil Company (NIOC), National Iranian Gas Company, National Iranian Petrochemical Company, National Iranian Oil Refining and Distribution Company, Revenues From Crude Oil, Reserves and Production, Public Projects
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