Iran to resume oil, gas tender offers after three-year break

Iran Materials 9 January 2012 13:18 (UTC +04:00)

Azerbaijan, Baku, Jan. 9 / Trend F.Milad/

Iranian Oil Minister Rostam Qasemi has ordered the resumption of oil and gas tender offers to national and international companies after a three-year stop, the Pana news agency reported.

The latest tender-based deal was signed in April 2008 with a Croatian company for carrying out exploration and development operation at the Moghan 2 block, northwest of Iran.

Iran's fifth five-year development plan (2010-2015) intends to boost the country's gas production by 250 million cubic metres per day to reach 1.4 billion cubic metres per day.

An official with the National Iranian Oil Company stated that the country's natural gas reserves will last up to 100 years.

The Mehr news agency quoted Mohammad-Ali Emadi as saying that according to Iran's fifth five-year development plan (2010-2015), the country's gas production capacity should increase by 250 million cubic metres per day.

He also added that Iran's crude oil reserves will end in 50 years and that the country's oil output would rise by one million barrels per day by 2015.

The official went on to say that the country's oil deposits are recoverable by 29 per cent on average. Iranian oil minister Rostam Qasemi announced the country's reserves stand at 154.8 billion barrels.

The Shana news agency quoted Mr Qasemi as saying that new explorations have increased the amount from the previous figure of 151 billion barrels.

Iran sits on the world's second largest natural gas reserves after Russia.