Iran to inject more gas into oil fields

Oil&Gas Materials 20 May 2011 12:29 (UTC +04:00)

Azerbaijan, Baku, 20 May/Trend/

Iran would double gas injection into oil fields by 2015, Fars News Agency reported quoting Iranian Deputy Oil Minister Mohsen Khojasteh Mehr as saying.

Iran would inject 330 million cubic meters of gas per day into oil fields by 2015.

Currently 118 million cubic meters of gas per day is injected into 13 oil fields, Khojasteh Mehr added.

Previously Iran planned to inject 247 mcm of natural gas into oil fields by 2015, whilst the figure changed to 330 million cubic meters after further review by the Oil Ministry's planning department.

Iran produces 600 million cubic meters of gas and more than 4 million barrels of crude oil per day.

Iran planned to increase gas injection to oil field in line with the Fifth Five-Year Development Plan (2010-2015) to boost oil production.

Iran possesses the world's second-largest gas reserves and third-largest oil reserves .

The United States and European Union have imposed sanctions since the summer of 2010 against Iran, especially targeting its oil sector, due to its disputed nuclear program.

According to the International Monetary Fund (IMF), Iran is the third largest country in the Middle East and Central Asia in terms of exports and imports.