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Iran produces four million barrels of crude oil daily

Managing Director of National Iranian Oil Company (NIOC) Mehdi Mir Moezi said on Wednesday that the company produces about four million barrels of oil daily, IRNA reported from Saveh, Tehran province.

Mir-Moezi told reporters that currently, NIOC also produces 400 million cubic meters of gas yearly.

The company generates significant amount of national revenues and "has a vital role in economic vibrancy of the country," he added.

Deputy oil minister said that NIOC is an engine for growth and development in other sectors.

He said that currently over 2,000 oil and gas wells are under production. The current fourth five-year development plans (March 2005-March 2010) envisions for the oil and gas production to rise by 20 percent and 100 percent, respectively.

Mir-Moezi said the company digs 100 new oil wells and repairs 100 annually. By the end of the development plan the company plans to invest rls two billion for exploration and repair of oil and gas wells annually.

He said over 70-80 percent of equipment and machinery used in well exploration will be produced domestically.

NIOC and its subsidiaries in the Caspian Sea are almost in final stage of talks with bidders on the development of oil and gas blocks in the oil-and gas-rich sea.

An informed source said on condition of anonymity on Wednesday that a contract might soon be concluded for a project to develop such blocks as block eighth in the Caspian.

Iran has launched three-dimensional seismographic operations in the southern sector of the Caspian Sea, thus indicating its firm determination for development, exploration and production of oil and gas there.

Based on information available, Iran is to develop certain blocks in southern waters of the Caspian Sea in cooperation with other oil companies.

... Payvand News - 2/5/04 ... --

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