Iran increases drilling in south

Oil&Gas Materials 21 September 2011 17:15

Azerbaijan, Baku, Sept. 21/Trend A. Qurbanova/

The National Iranian South Oil Company will increase its drilling rigs from 39 to 50 by the end of the year to increase production in its southern regions, SHANA reported quoting Managing Director of National Iranian South Oil Company Hurmoz Ghalavand as saying.

"By increasing number of oil rigs the oil production plan will grow remarkably and National Iranian South Oil Company plans to increase the rigs to 60 next year," he said.

He noted the Oil Ministry plan to increase oil production in Masjid Solieman oil field was successful and the production increased by 25,000 barrels with $150 million investment.

Masjid Solieman basic residual reserve is estimated to 6.850 billion barrels which 1.1 billion can be extracted.

The National Iranian South Oil Company currently completed 99 percent of increasing oil production plans in southern region and has drilled 317 oil wells in Masjid Solieman oilfield, he added.

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