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NIOC official: Iran duty-bound to address global crude demands

Tehran, June 22, IRNA-As a committed OPEC member and an oil producer, Iran feels itself duty-bound to address growing oil demand worldwide, said an Iranian official in Tehran on Wednesday.

In an address to the the third annual meeting on oil exploration operations, Deputy Head of National Iranian Oil Company (NIOC) Mehdi Hosseini stressed the need for development of oil industry in Iran to meet international demands, saying there will be demand for 120 million bpd in the next 25 years which requires an investment of six trillion dollars in the oil industry.

Hosseini said more investment is needed to be made by Iran to maintain its OPEC quota and address rising global demands.

He said NIOC's activities should match global standards so that the Company would have a say on the scene of competition.

Meanwhile, Director of the Technical Operations Department at Oil Exploration Operations Company Ali-Reza Saeedi told the audience that crude reserves worldwide stands at 1.147 trillion barrels, 63.3 percent of which are in Middle East.

Saeedi said 97 percent of the Middle East crude lies in Iran, the UAE, Saudi Arabia, Iraq and Kuwait.

He said that 28 billion barrels out of 130 billion barrels of proved reserves in Iran are liquid gases and the country's crude reserve is estimated to last for 93 years.

... Payvand News - 6/22/05 ... --

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