Croatia’s INA withdraws from developing Iranian oil block
Azerbaijan, Baku, May.6/ Trend F.Karimov/
Croatian oil and gas company INA has withdrawn from a project for developing an oil block in Iran, the Mehr News Agency reported.
In April 2008, INA signed a deal, worth $141 million, for exploration of the Moghan-2 block with the National Iranian Oil Company (NIOC).
The primary purpose of the project was to discover new hydrocarbon reserves through a contract on provision of services with the NIOC.
But, the Croatian company left the project due to some problems related to foreign currency exchange, the report added.
Iran's fifth five-year development plan (2010-2015) has envisaged boosting the country's gas production by 250 million cubic meters per day to reach 1.4 billion cubic meters per day.
An official with the National Iranian Oil Company has stated that the country's natural gas reserves will last up to 100 years.
The Mehr news agency quoted Mohammad-Ali Emadi as saying that according to Iran's fifth five-year development plan (2010-2015), the country's gas production capacity should increase by 250 million cubic meters per day.
He also said that Iran's crude oil reserves will end by the next 50 years, adding that the country's oil output would rise by one million barrels per day by 2015.