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05/12/09

Iran oil output surpasses 4.3 million bpd

Press TV

Iran's oil production has passed 4.3 million barrels per day, announces the head of the National Iranian Oil Company (NIOC).

"Already the capacity of the country's oil production is more than 4.3 million barrels per day," Mehr news agency quoted NIOC Managing Director Seifollah Jashnsaz as saying on Monday.


Iran has the second largest gas reserves in the world after Russia and the second largest petroleum reserves in the world after Saudi Arabia.

 
Iran, the second largest producer in the Organization of Petroleum Exporting Countries (OPEC), says its proven oil reserves have grown dramatically over the past year and now stand at 138 billion barrels.

The oil industry attracted some 10 billion dollars of investment during the past Iranian year (ended March 21), he said.

Iran is trying to increase its production by a number of major projects, to develop smaller oilfields as well as increasing output from existing fields. This excludes prospects for major new discoveries.

Oil-rich Iran plans to open some of its oil and gas fields to foreign investment to help boost output to 5.3 million barrels per day by 2015, up from the current 4.3 million barrels per day.

Jashnsaz also noted that the capacity of natural gas output of the country has reached 500 million cubic meters (mcm) a day, from 300 mcm a day in the few past years.

Iran has the second largest gas reserves in the world after Russia and the second largest petroleum reserves in the world after Saudi Arabia.

Related News:

'Iran needs foreign cash injection'
 
upstreamonline.com - Iran will need foreign capital if it is to meet its plans to invest up to $30 billion a year in its oil sector, a senior oil official was quoted as saying.

"The available information indicates that the use of internal resources does not meet investment needs," the daily Resalat quoted Seiffolah Jashnsaz, managing director of state-run National Iranian Oil Company, as saying at a conference. "We must seek foreign investments." - read more

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