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Iran's oil industry will require $18bn in next five years: expert

TEHRAN, Jan. 11 (Mehr News Agency) -- Given that the addition of every new barrel of oil to the current production capacity calls for around $7,000 of investment in the field, the nation's oil industry will require around $18 billion of investment in the next five years, an expert noted.

In order to be able to reach the oil production level target of 5.6 million barrels per day (bpd) in the Fourth Five-Year Socio Economic Development Plan (2004-2009), some 2.6 million bpd should be added to the nation's current production capacity, Fereydun Berkeshly maintained.

Reduction in the production capacity is a challenge facing the country's crude production now, he warned.

He added that based on the world figures, every day some 200,000 barrels of the nation's oil production capacity is lost due to the descent of the existing oil deposits, this means that if through increased investments, 200,000 bpd are added to the current production capacity, the envisaged production target will not be achieved yet, the oil expert further explained.

... Payvand News - 1/11/07 ... --

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