Iran to have $1 billion in oil bonds in near future
Azerbaijan, Baku, Aug. 21 /Trend S.Isayev, T. Jafarov/
National Iranian Oil Company's managing director Ahmad Qalebani said that Iran will soon have special $1 billion oil bonds, Shana news reported.
Qalebani told Shana news that the $1 billion worth of investments include $500 million from Offshore Iranian Oil Company, and the other $500 million from "Pars" oil and gas company in Iran.
Qalebani also said that Iran will be implementing oil futures some time next year. An oil future is an investment instrument used to speculate on whether the price of oil will rise or fall.
Qalebani noted that there were some issues related to the oil futures with stock exchanges, however now they have all been resolved.
Speaking of oilfields, Qalebani said Iran will be increasing its oil production by 1 million barrels/day, and its gas production by 400 mcm per day.
The U.S. and Europe have levied tough sanctions on Iran in a bid to choke off oil revenues and halt a controversial nuclear programme the West fears is aimed at developing atomic weapons, although Iran has denied this.
Iran's oil supplies slipped by 150,000 bpd to 2.80 million bpd in July, as country's crude is is subject to a European Union embargo that started on July 1.
Currently, Iran's recoverable oil reserves are estimated at 151 billion barrels, including 70 billion barrels of heavy and extra heavy crudes. Iran holds the world's fourth largest proven oil reserves and has the second largest natural gas reserves.
Iran's natural gas production (excluding gas flares or recycled gas) has increased in 2011 by 5,6 bcm compared to 2010, according to BP's June 2012 World Energy review report.
Currently Iran produces around 620 million c/m of gas daily.