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Iran discovers large oilfield

Source: Tehran Times

Iran has found a large oilfield with considerable in-situ reserves, the deputy oil minister announced on Sunday.

Mahmoud Mohaddes made the announcement without giving further details on specifications of the oilfield, Fars news agency reported.

An official with the National Iranian Oil Company has said that the country's oil output would rise by one million barrels per day by 2015.

Mehr news agency quoted Mohammad-Ali Emadi as saying that Iran's crude oil reserves will end by the next 50 years, adding that the oil deposits are recoverable by 29 percent on the average.

Oil minister Rostam Qasemi has announced the country's recoverable oil reserves stands at 154.8 billion barrels.

Qasemi said in August 2011 that the Iranian government should consider plans for the development of joint oilfields. The government should increase the budgets for the development of joint oilfields, he added.

"The oil industry's infrastructure needs more than 500 trillion rials (about $41 billion) of investment to achieve objectives of the country's 20-Year Economic Outlook Plan," Qasemi was quoted as saying.

Officials have put Iran's current output at between 3.6 million and 4 million barrels per day, with the latest estimate, given by Hormoz Qalavand, head of the National Iranian Southern Oil Company, of 3.92 million bpd.

Iran sits on the world's second largest natural gas reserves after Russia and is trying to grow its gas production by increasing foreign and domestic investments, especially in its South Pars gas field.

The South Pars gas field is shared by Iran and Qatar. The Iranian share, which is divided into 29 phases, has about 14 trillion cubic meters of gas, or about eight percent of the total world reserves, and more than 18 billion barrels of liquefied natural gas resources.

... Payvand News - 02/12/12 ... --

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