BAKU, Azerbaijan, Dec.17
By Leman Zeynalova – Trend:
Iran’s oil output is expected to rise with new projects and foreign investments by 2035, Trend reports citing Russia’s Lukoil company.
“Iran is a country with vast conventional oil resources. As of 2019, the crude production capacity of Iran is estimated at 3.9 mb/d. Most of the country’s oil comes from mature fields. The introduction of sanctions by the United States in 2018 led to a reduction in oil production in the country by more than 1 mbbls/d and limited the country's ability to attract foreign investment,” Lukoil said in its report on Major Trends in the Global Liquid Hydrocarbon Market to 2035.
With the sanctions in effect, a slight increase in production is possible due to gas condensate, the production of which is the least susceptible to sanction pressure, said the company.
“As for the prospects till 2035, we proceed from the assumption that the sanctions, whether in part or in full, will be lifted from Iran and the country will manage to increase its production through the implementation of new projects and foreign investment.”
Iran is one of the world's largest oil producers, with exports worth billions of dollars each year. Its existing proven reserves are of some 150 billion barrels. It has the world's fourth-biggest oil reserves and second-largest gas reserves, and shares a massive offshore field in the Persian Gulf with Qatar.
Earlier in November, Iran announced discovery of a new field in the country’s south with total reserves estimated at 53 billion cubic meters.
LUKOIL is one of the largest publicly traded, vertically integrated oil and gas companies in the world accounting for more than 2 percent of the world's oil production and around 1 percent of the proved hydrocarbon reserves.
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