Official: Iran’s oil production capacity to rise 90,000bpd

Oil&Gas Materials 6 May 2013 18:27 (UTC +04:00)

Azerbaijan, Baku, May.6/ Trend F.Karimov/

Iran's oil production capacity will rise by 90,000 barrels per day as the South and the North Yaran oilfields will come on stream by the next two years, IRNA quoted Nader Qorbani, managing Director of Petroleum Engineering and Development Company, as saying.

The South Yaran oilfield is projected to yield 60,000bpd, he said, adding that a deal worth €350 million has been concluded with the national Iranian Drilling Company for drilling 22 wells in the oilfield.

The North Yaran oilfield will also be developed in the buy-back method, he noted.

Iran has announced that it will implement 11 plans by the Iranian calendar month of Mordad 1392 (July 22-August 22, 2013) with the goal of boosting oil production by 175,000 barrels per day.

Oil Minister Rostam Qasemi has recently said that the country's oil output is projected to increase by 1.5 million barrels per day by 2016.

In November 2012, Iranian Offshore Oil Company Managing Director Mahmoud Zirakchianzadeh said that Iran's National Development Fund (NDF) has allocated $1.5 billion for developing the country's oilfields in the Persian Gulf.

According to an Iranian law, 37.5 percent of oil revenue is deposited into the NDF and is then channeled into the development of oil and gas fields and 62.5 percent of oil revenue is allocated for national budget expenditures.

Iran has the world's fourth-largest reserves of recoverable oil, after Venezuela, Saudi Arabia, and Canada.

With 34 trillion cubic meters of natural gas reserves, Iran has the world's second-largest natural gas reserves after Russia.