Azerbaijan, Baku, August7 /Trend/
Iran will compensate recent reduce of oil production by increasing oil production in Masjed Soleyman oil field by 25,000 bpd, Fars News Agency reported quoting Managing Director of the National Iranian Oil Company Ahmad Ghalebani as saying.
"By launch of plans to increase oil production in old Masjid soleyman oil field Iran will compensate reduce of oil production soon," he said.
According to OPEC statistics, Iran's oil production has reduced from 4.2 million to 3.5 million barrels per day since 2005.
Ghalebani urged that development of joint oil and gas fields is priorities of Oil Ministry and total of $4billion bonds issued to boost South Pars on first four months of current year(started on March20,2011) while the body will issue $4.5 billion bonds for South Pars joint fields development.
He predicted $15 billion investment on South Pars by the end of current year while more than $120 billion project are running in oil industry.
Iran oil production reduced due to lack of drilling rigs and gas to inject into oil reserves, currently 30 oil fields in Khozestan province require gas injection but the gas injection applies to 10 oil fields, meanwhile lack of pumps in wells also reduces the oil production.