Iran to raise oil production to 4.850 million bpd

Oil&Gas Materials 14 September 2011 18:18

Azerbaijan, Baku, Sept. 14 /Trend/

Iran plans to increase its oil production to 4.850 million barrels of oil per day by 2015 , IRNA reported quoting Managing Director of Petroleum Engineering and Development Company (PEDEC) Naji Saadouni as saying.

"According to plans, volume of Iran's oil production will increase by 2015 to 4,850 million barrels of oil per day," he said.

He noted the necessity of increasing oil production in joint fields, adding Iraq's oil production from joint fields with Iran increased to 2, 8000 barrels of oil per day over the past ten months.

The company is currently developing production plan of Yadavaran oil field, which implies production of 20,000 barrels per day in February. The plan is complete by 78 percent.

Yadavaran oil field holds 17 billion barrels of in situ oil, including about three billion barrels of recoverable reserves.

Iran has OPEC's second-highest oil output, and ranks second in the world in terms of natural gas reserves after Russia.