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Iran Not to Reduce Oil Production: Caretaker Oil Minister

Source: Fars News Agency

Iranian caretaker Oil Minister Mohammad Ali Abadi announced that Tehran will not decrease its oil production given the discovery of new oil reserves in the country. Ali Abadi added, "We try to maintain the current oil reserves and use new resources to not decrease the country's output."

"Given the investment (in the oil industry) and the discovery of new oil reserves, production will not be reduced," he said on Wednesday.

Iran's oil reserves increased by 758 million barrels in May after the discovery of a new deposit of light oil offshore in the Khayyam field in southern Iran.

An Iranian oil official had earlier announced that Tehran plans to issue billions of euros in national bonds to finance development of the country's oil and gas projects, specially development projects in South Pars gas field.

"This year's first package of participation bonds is worth 2.7 billion euros and will be offered as of next week with the participation of three banks," Managing-Director of the National Iranian Oil Company (NIOC) Ahmad Qalebani announced.

Qalebani also noted that the Oil Ministry is scheduled to sell 8.7 billion euros in bonds by the end of the current Iranian calendar year (ending March 20, 2012) and that the "major portion of the bonds will be allocated for the development of the South Pars gas field."

South Pars covers an area of 9,700 square kilometers, 3,700 square kilometers of which (i.e. South Pars) are in Iranian territorial waters in the Persian Gulf. The remaining 6,000 square kilometers (i.e. North Dome) are in Qatar's territorial waters.

The South Pars field has 14 trillion cubic meters of natural gas -- about eight percent of the world's reserves -- and more than 18 billion barrels of liquefied natural gas resources.

... Payvand News - 06/16/11 ... --

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