Iran needs $5 billion to preserve oil production from present wells
Azerbaijan , Baku, June 22 /Trend/
Over 80 percent of Iran's oil fields are at the second half-life, while the country's oil production needs $5 billion in investment to preserve oil production from present wells, Mehr News Agency reported quoting Deputy Oil Minister Mohsen Khojastemehr as saying.
Iran will allocate $5 billion to preserve production capacity plan mostly in southern oil field regions in current solar year (started on March 21, 2011).
The issue is priority of the Oil Ministry's annual budget plan.
Iran 's oil production capacity is $4.3 million barrels.
According to the Fifth socio-economic development plan of Iran (2010-2015), the Oil ministry should increase oil production by one million barrels per day.