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Iran's oil output up by 55,000 bpd

Tehran, Aug 26, IRNA-Iranian Oil Minister Kazem Vaziri Hamaneh here Saturday announced that Iran's crude oil production has increased by by 55,000 barrels per day in the last one year.

Elaborating on his ministry's performance on the occasion of Government Week, Vaziri Hamaneh added that daily natural gas production in the past year increased by 55 million cubic meters while in the current year the figure has exceeded 65-70 million cubic meters.

He further said that contracts for 15th to 18th phases of South Pars development project have been signed.

According to him, a comprehensive plan for development of other phases of South Pars project has been drawn up and he hoped the contract to this effect will be concluded by March

Vaziri Hamaneh added the talks on the development of Azadegan field are in the final stages and the two sides will continue negotiating with a positive attitude.

Pointing to the proposed Iran-Pakistan-India gas pipeline project, he added that the three countries have reached agreement about laying the 'peace pipeline' and the price will be fixed on the basis of gas exported to Japan.

He also said Indonesia will participate in a project to establish a refinery for liquefied gas products and memoranda of understanding for setting up new refineries in four countries have been signed.

Pointing to the dlrs 70-150 million investment required for Iranian oil industry, he said, "The Oil Ministry has drawn up plans for all oil projects and the macro-planning for upstream and downstream projects in oil, gas and petrochemical fields have also been worked out."

Noting that two problems have been encountered in the agreement for exporting Iranian natural gas to UAE, he listed them as low price and keeping prices fixed for seven years.

"Gas price in the Crescent International deal has been set at dlrs 18 according to the oil price prevailing at the time the contract was concluded."

The minister noted, "There will be no gas export to UAE until our own interests are safeguarded and we are studying different formula for pricing the gas."

As for the Kuwait-Iran dispute over Arash oil field, he said that the oil field is shared but the Kuwaiti side does not accept this and negotiations are needed on the issue.

He added that LNG (liquefied natural gas) export agreement between Iran and India is not valid yet because it has not been endorsed by the Economy Council.

Describing Turkey as the best route for Iran's gas export to Europe, he said that the Noboko pipeline can transport Iranian gas to Europe.

He stated that Iran has experienced no failure in marketing LNG and global demand for Iranian LNG is two to three times higher than the production level.

The minister added the Bourse Organization of Iran has approved the establishment of an oil bourse and every thing is ready for its inauguration.

He said that Iran's production quota in OPEC (Organization of Petroleum Exporting Countries) is 4.1m to 4.2m bpd while the current level is 4.07m to 4.08 m bpd.

Vaziri Hamaneh said a plan for transporting Iranian gas to China via Pakistan is in the preliminary stage.

... Payvand News - 8/27/06 ... --

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