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Iran rejects violation of OPEC quota

Managing Director of the National Iranian Oil Company (NIOC) Mehdi Mir-Moezzi on Sunday rejected reports that Iran has violated the production quota of the Organization of Petroleum Exporting Countries (OPEC), IRNA reported on Monday quoting the local press.

The Persian-language newspaper 'Hambastegi' quoted Mir-Moezzi as denying that Iran has violated the OPEC quota by 300,000 barrels, stressing that the Islamic Republic is the best member of the organization in abiding by its quota.

He said the reports over the discovery of 130 billion barrels of recoverable oil reserves in Iran are 'real', stressing that the relevant authorities have been furnished with the documents on the discoveries.

The Middle East Economic Survey (MEES) last month reported that Iran has revised its oil and condensate reserves up by 36 percent to 130.81 billion barrels.

The MEES further said that the new estimates compares with an earlier 99.08 billion barrels published by OPEC last year and 96.4 billion barrels at the end of 1999.


Meanwhile, the Persian-language newspaper 'Kayhan' on Monday quoted Mir-Moezzi as saying that Iran's recoverable oil reserves are expected to last for 93 years, stressing that this showed an increase of 21 years from an earlier anticipated figure of 72 years.

He added that the calculations have been made by considering the production basket of the last Iranian year of 1381 (March 2002-2003) and also the newly discovered reserves.

The NIOC chief further stressed that Iran's reserves of natural gas have reached 26.750 trillion cubic meters, and the proven reserves of liquid hydrocarbon to 130 trillion barrels.

Mir-Moezzi said Iran has produced about 8.560 billion barrels of liquid hydrocarbon over a period of five years from March 1997 to March 2002.

He added that Iran has discovered as much as 11.430 billion barrels of liquid hydrocarbon over the same period, stressing that this is 20 percent of Iran's in-situ reserves of 55 billion barrels that have been discovered so far.


'Kayhan' further quoted Mir-Moezzi as saying that Iran needs to attract as much as 50 billion dollars in foreign investment to boost its daily oil production to seven billion barrels.

He said the 50-billion-dollar foreign credit requirement has been figured out by considering the prevailing oil prices and Iran's current daily production of 4.2 million barrels.

... Payvand News - 12/1/03 ... --

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