Tehran – Iran is ready to assign 21 oil and gas fields to  both foreign and national investors, as announced by Oil Minister Rostam Ghasemi to the Isna news agency. Just two days after new sanctions were announced, it seems Tehran needs about $50 billion  a year to develop its oil industry as established by the Fifth Five-year Development Plan (2010-2015). "Before the end of this programme, oil production in the country must reach 5.2 million barrels a day," said the minister. According to the CEO of the National Iranian Southern Oil Company, Hormoz Qalavand, current production levels amount to 3.92 million barrels a day with ministry data indicating recoverable oil reserves of 154.8 billion barrels.