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Iran's Oil Minister asks president to help acceleration of South Pars tenders

TEHRAN, Aug. 28 (Mehr News Agency) - In a letter to President Mahmud Ahmadinejad, Oil Minister Seyyed Kazem Vaziri-Hamaneh, called for acceleration of tenders on 24 oil exploration blocks at the South Pars oil and gas field by removing any obstacle which may hinder them.

The letter was addressed in the light of increasing the nation's oil production capacity to 5 million bpd as envisaged in the Fourth Development Plan (2005-2010), managing director of National Iranian Oil Company (NIOC) noted on Monday.

"At the moment, 64 oilfields keep the country's total production at 4.08 million bpd, of which, southern province of Khuzestan accounts for 70 percent," Gholamhossein Nozari added, stipulating that the majority of the southern fields are going through the second part of their useful life.

"To churn out 5 million bpd, it requires boosting the recovery rate at the fields which calls for investment in turn. Losing a year and a half, makes this goal unattainable," he commented, projecting the maximum oil production could reach 4.5 million bpd by 2010.

Referring to the deadline set for Japanese oil firm INPEX at Azadegan oilfield, he said the NIOC is still negotiating with Japanese side on the average of 14-15 hours a day to reach an agreement before September 14, 2006.

... Payvand News - 8/29/06 ... --

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