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Iran to invest $18 billion in southern oil fields

Business Materials 10 July 2011 12:34
Iran plans to invests $18 billion in southern oil rich regions by the end of the Fifth Development Plan (2010-2015)
Iran to invest $18 billion in southern oil fields

Azerbaijan, Baku, July 10 /Trend/

Iran plans to invest $18 billion in southern oil rich regions by the end of the Fifth Development Plan (2010-2015), SHANA reported quoting Deputy of Oil Minister in planning and supervision of hydrocarbon resources Mohsen Khojaste Mehr as saying .

"Preserve the oil reserves and developing the oil fields in this region requires $18 billion investment by 2015," he said.

Various plans are on progress to accelerate the development of joint oil fields while the ministry aims to produce 3 million barrels of oil in southern oil rich regions.

If we reach this goal, 75 percent of country's oil production will be provided by southern regions, he added.

Head of the Iranian parliament's energy commission Mohammad Reza Katuizian said earlier that Iran's oil production decreased by 72,000 barrels per day. About 80 percent of Iran oil wells are in its second half-life.

Under the Forth National Development Plan (2005-2010) it was planned to increase oil production to 5 million barrels per day, whilst Ahmadinejad's government failed to hit this goal.

According to BP statistics, Iran's oil production in 2010 was 4.245 million barrels per day.
Iran has OPEC's second-highest oil output, and ranks second in the world in terms of natural gas reserves after Russia.

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