Iran rejects reports of reducing oil production
Azerbaijan, Baku, August 14 /Trend/
Iran rejected reports that it had reduced oil production to 3.5 million barrels per day as "complete lies", IRNA quoted the Director of Oil and Gas Production at National Iranian Oil Company Amir Masoud Jabbari as saying.
"Currently 80 percent of the country's oil production is extracted from less than 10 oil fields and the oil production in last solar year (ended on March20,2011) increased by 15,000 barrels," he said.
He noted that reduction in number of reserve layers, low pressure and increase of gas production alongside oil production are major elements that leads to reduce of oil production.
The gas injection and installation of pumps in wells can maintain the production capacity, he added.
Jabbari expressed hope that launch of a number of phases in South Pars oilfield by second half of current solar year (started on March 20, 2011) will boost the production.
According to the Fifth Development Plan (2010-2015) Iran should increase oil production by 1 million barrels per day, however, most of Iran's oil wells are in their second half-life.
Iran has OPEC's second-highest oil output and ranks second in the world in terms of natural gas reserves after Russia.