Iran's oil production reduces in southern regions

Oil&Gas Materials 14 July 2011 11:49 (UTC +04:00)

Azerbaijan, Baku, July 14 /Trend/

Oil production in Iran's southern regions has reduced because most of the oil fields in the southern regions are currently at the their second half-life stage, Pananews reported quoting Managing Director of National Iranian South Oil Hormuz Ghalavand as saying.

"Iran produces 3 million barrels of oil per day in southern rich oil regions; however the National Iranian Oil Company plans to preserve oil and gas reserves in southern regions," he said without giving details.

Ghalavand urges the National Iranian Oil Company to apply 99 percent of its production plan in the southern regions during the current solar year (started on March20, 2011). However, the oilfields are at their second half-life.

According to BP statistics, Iran's oil production volume in 2010 was 4.245 million bpd, 4.199 million bpd in 2009, and 4.327 million bpd in 2008.

Earlier the Head of the Parliament's Energy Commission Hamidreza Katuzian said that Iran's oil production decreased by 72,000 bpd compared to 2008. Iran's crude oil consumption in 2010 was 1.799 million bpd, indicating a 1 percent increase compared to 2009.