...

Iran holds 60 mb gas condensate stored on tankers

Oil&Gas Materials 28 August 2015 13:27 (UTC +04:00)

Baku, Azerbaijan, Aug. 28

By Umid Niayesh - Trend:

Iran's oil minister says some 60 million barrels of unsold gas condensate has been stored on tankers due to sanctions.

Speculations about the type and mount of Iranian oil stored at sea has risen in recent weeks, after Iran and P5+1 (US, Russia, China, France, UK, and Germany) reached a comprehensive nuclear agreement on July 14,which paves the way for resuming Iranian oil exports significantly.

It is expected that the nuclear deal will be implemented by late 2015.

Iran's crude oil export plunged from 2.3 million barrels per day (mb/d) in 2011 to about 1.1 mb/d currently. Iran also had exported about 0.3 mb/d of gas condensate in 2011, but halved the amount in 2012 and 2013, however last year the export figure rose again.

Iran has had to stop production in some oil fields due to halving its crude oil export, but Bijan Namdar Zanganeh announced on Aug.27 that suspending gas condensate production is impossible, because it is extracted from gas fields and then Iran should have stopped gas production.

Zanganeh also said that Iran will add 0.5 mb/d to its oil production immediately after implementation of nuclear deal and another 0.5 mb/d of oil would be added to total output by late 2016.

Edited by CN

Latest

Latest