Iran News ...


09/11/11

Iran plans to boost oil output by 1mbpd in 2 years

Source: Tehran Times

Iran's Oil Minister Rostam Qasemi announced the country plans to increase oil output by one million barrels per day (bpd) within the next two years, SHANA reported on Thursday.

Iran's Oil Minister Rostam Qasemi
Iran's Oil Minister Rostam Qasemi

Iran's oil production is now more than 4 million bpd which will be increased to 6 million bpd by 2013, according to Qasemi.

The Islamic Republic of Iran has the world's second largest crude reserves after Saudi Arabia and the second largest gas reserves after Russia.

Qasemi said that development of joint and new oil fields, using of secondary recycling processes such as gas injection, and establishment of refinery factories, are the main tools to fulfilling the development of oil production capacity of Iran.

Meanwhile, Managing Director of National Iranian Oil Company Ahmad Qalebani said last week that Iran's oil exports have increased by 50,000 barrels per day since the beginning of the current Iranian calendar year (started on March 21.

Qalebani also said Iran's crude output capacity would rise by 150 thousand barrels per day with the launch of six new projects this year.

Middle East Economic Digest (MEED) magazine announced in an article in August that "Despite the array of problems facing its energy sector, Iran successfully raised crude oil and natural gas production in 2010".

According to MEED, Crude oil production in Iran in 2010 totaled 4.3 million b/d - up 46,000 b/d from its 2009 production of 4.2 million b/d - an increase of 1.1 percent.

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