Iran needs to increase oil, gas output – official
Baku, Azerbaijan, Sept. 11
By Khalid Kazimov – Trend:
A senior Iranian official has called for increasing the country’s production of oil and gas from its joint fields with the neighboring countries.
Managing Director of National Iranian Oil Company (NIOC) Ali Kardor has said that the production capacity of four million barrels of oil per day is not capable of contributing to the country’s economic growth, IRNA news agency reported.
Warning that the output of South Pars gas field will reduce by the year 2023, he urged the country’s officials to help increasing output from the joint fields.
Calling for investment in the country’s oil sector, he said that Iran needs to put at least $ 100 billion in investment to enhance its upstream industry.
Speaking about plans by the neighboring countries to develop their oil sector, he said the Islamic Republic should not lag behind its regional rivals.
Iran added 532 million barrels (mb) of oil and 522 billion cubic meters (bcm) of gas to its extractable reserves since the beginning of Hassan Rouhani's presidency in mid-2013.
Currently the country's recoverable proved oil and gas reserves stand at 159 billion barrels and 34 trillion cubic meters. In total the reserves of 18 oil and gas fields or layers were proved during August 2013 to August 2016.