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EghtesadOnline: Major projects in the petroleum sector will be commissioned in the near future, says Bijan Namdar Zanganeh, the oil minister.

"An estimated $20 billion worth of projects are being developed in the energy sector and will come to fruition soon," Zanganeh was quoted as saying by the National Iranian Oil Company news portal on Monday. Few details were available.

The projects include construction of petrochemical plants, development of new South Pars Gas Field phases as well as oil extraction from the giant field which is shared by Iran and Qatar.

Zanganeh pointed out that several South Pars projects, including Phase 12 as well as phases 15-21 are now producing partially or completely, Financial Tribune reported.

Extraction from the oil layer of South Pars also started last month and the first shipment is scheduled for the next few weeks.

The National Iranian Oil Company has signed a preliminary agreement, worth $4.7 billion, with French energy firm Total to develop South Pars Phase 11 as it hopes to develop all the phases of the mega gas project in two years. The agreement is expected to be finalized soon.

Tehran has also devised a new model of contracts to develop its oil and gas industries in collaboration with international companies who were forced out of the Iranian market due to the international sanctions.

According to the minister, Iran's energy sector requires a whopping $200 billion investment, including $130 billion in upstream extraction and production projects.

Bijan Namdar Zanganeh Iran oil Iran Energy Projects