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Iran capable of producing 4.2m barrels of oil, 300m cu. m. of gas per day: official

TEHRAN, March 10 (Mehr News Agency) -- Iran has the potential to produce 4.2 million barrels of oil and 300 million cubic meters of natural gas per day, a report on Saturday quoted the deputy oil minister as saying.

Gholamhossein Nozari, who is also the managing director of the National Iranian Oil Company (NIOC), stated that 35 to 40 million dollars has been invested in the oil and natural gas projects currently underway in the southern Iranian province of Fars, which will help turn the region into one of the nation's energy hubs.

He mentioned that a number of petrochemical plants have been launched in the region and announced that the investments made in the development of the Sarvestan and Saadatabad oilfields amount to around $200 million.

He predicted that the Sarvestan and Saadatabad oilfields would not run dry for over 50 years and said that the fields could yield over 200 million barrels of oil during the period if new technologies are employed.

Nozari also noted that a number of other oil exploration and development projects are currently underway in Bushehr, Lorestan, Qom, Hormuzgan, and Fars provinces, which currently produce 260 million cubic meters of natural gas as well as 124,000 barrels of oil per day.

... Payvand News - 3/11/07 ... --

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