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Iran's crude production capacity up by 464,000 bpd in 2003

Tehran, Sept 4, IRNA-Iran's crude production capacity rose by 464,000 bpd in 2003 compared to the 1999 output, materializing 65.6 percent of the target set in the Third Five-Year Economic Development Plan (2000-05).

Management and Planning Organization said the increase in the capacity had been due to successful implementation of the buy-back projects in Dorud, Sorush, Norouz, Darkhoein and Balal fields in the 2000-2003 period.

The SMPO report said the government's function in the oil and gas exploration sector had been much higher than the targets of the Third Plan.

It said the government managed to explore 3.896 billion barrels of crude oil in 2001, while the Third Plan's target was 1.2 billion barrels.

Under the Third Plan's law, the government was to explore 1.6 billion barrels of crude in 2002, while it managed to discover 2.396 billion barrels, said the report, adding that the government also passed the two billion barrels mark in 2003 by extracting 3.108 billion barrels of crude.

Furthermore, the government succeeded in injecting 72.4-78 million cubic meters of gas a day to oil deposits from 2001 to 2003, while the target ranged between 90-112 million cubic meters a day within the period, he added.

The official said the government also exported 2.374 million bpd of crude in the three years.

Iran's crude export revenues also ranged between dlrs 18.702 billion and dlrs 22.484 billion bpd in the years 2001 to 2003, while the Third Plan's targets for the period ranged between dlrs 12.864 billion and dlrs 15.438 billion.

... Payvand News - 9/4/05 ... --

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