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Iran's parliament warns against drop in oil exports

Press TV - An Iranian parliamentary center has warned that Iran's oil exports may face a plunge due to depreciation of oil wells and a jump in domestic consumption.

Strategic Majlis (Parliament) Research Center said in its latest report that the oil industry needs an annual $5.4 billion investment to keep the current volume of crude exports.

"Regarding negative investment growth (in the oil industry), supplying this amount of the investment is unlikely," Fars news agency quoted the research center as saying.


Alborz Oil Platform, Caspian Sea

Iran, the world's fifth-largest oil exporter, put its oil production capacity at 4.3 million barrels per day (bpd).

The center says the 'serious and fundamental investment' is necessary for the oil-rich country.

In June, former Iranian Oil Minister, Gholam-Hossein Nozari, said that Iran plans to invest $100 billion during the next four years in different sections of its oil industry.

"Several projects, including the development of North Pars, Golshan and Ferdowsi gas fields will be operational in the next four years," said Nozari, who added that the total investment in Iran's oil projects has been $66 billion in the past four years.

He went on to say that many people (in the beginning) did not believe this amount of investment could be made, but that investment has now turned into real operational projects, including the Mehr Petrochemical Complex.

... Payvand News - 10/24/09 ... --

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