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Iran to increase oil output by 1m bpd

Source: Press TV

Iran's Deputy Oil Minister says raising oil output by 1 million barrels a day is one of most important goals in the country's 4th Development Plan.

The development of Azadegan and Yadavaran oilfields are the main priorities of the Oil Ministry to achieve the goal set in Iran's Fourth Development Dlan, said Akbar Torkan in an interview with Mehr News Agency.

Increasing natural gas production to 250 million cubic meters per day is another goal of the Oil Ministry in order to realize the goals set in the plan for the oil and gas sector, he added.

The Iranian Oil Ministry has defined the goals set in the country's Fourth Development Plan within a number of development projects and has delegated the responsibility for their implementation to its subsidiary companies, the Deputy Minister added.

Easy access to oil is no longer possible and the country must economize on its existing oil resources through full utilization of its actual capacities, using the best possible capabilities and expertise available, the official stated.

Iran's current average daily output is 4.19 million barrels, Torkan noted, adding 1.6 million barrels per day are being used by the country's refineries, with the remaining set aside for export.

He remarked that an increase of one million barrels a day remains the most important goal of the Oil Ministry in the current 5-year Fourth Development Plan, stressing that the development of the Azadegan and Yadavaran fields were essential to achieveing the goal.

Japan to keep share in Iranian oilfield

Oil separator facilities in Iran's Azadegan oilfield Japan's Inpex Company can keep its 10 percent share in Iran's Azadegan oilfield, the Iranian Oil Minister Gholam-Hossein Nozari says.

"Inpex (Holding Inc.) has shown interest in continuing cooperation with Iran. Therefore, the company can maintain its share in Azadegan oilfield as we have no plans to change this share at present," the minister told reporters on Monday.

Media reports indicated that Inpex directors are in Tehran to discuss the issue of regaining their 10 percent share in the development of the oilfield with Iranian officials.

In 2004, the Japanese company agreed to invest in a two-billion-dollar project to develop the oilfield. Iran cut its share from 75 to 10 percent in 2006 due to the company's delay in fulfilling its contract obligations under US pressure.

Located 80 km west of Iran's southern city of Ahvaz, Azadegan has proven oil reserves of 33 billion barrels and the capacity is forecast to increase to 40 billion barrels.

... Payvand News - 05/19/08 ... --

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