Iran plans to raise oil output in Persian Gulf by 35,000 bpd

Iran Materials 30 January 2012 17:12 (UTC +04:00)

Azerbaijan, Baku, Jan. 28 / Trend F.Milad/

Iran plans to boost oil output at the Bahregan oil block in the Persian Gulf by 35,000 barrels per day (bpd) to reach 175,000 bpd by 2015, Mehr news agency reported.

The oil block holds around 21.5 billion barrels of crude and 1.5 trillion cubic feet of natural gas, of which 2.4 billion barrels and 1.1 trillion cubic feet are recoverable, respectively, the report added.

The block has the capacity to produce 235,000 barrels of crude oil per day.

Iran attached the priority on boosting gas production capacity from its joint oilfields with Qatar and Saudi Arabia, Oil Minster Rostam Qasemi said.

Iran ranks second on the world's largest natural gas reserves after Russia. It tries to increase its gas production by increasing foreign and domestic investments, especially in its South Pars gas field.

The field is shared by Iran and Qatar. The Iranian share, which is divided into 29 phases, has about 14 trillion cubic meters of gas, or about 8 percent of the total world reserves, and more than 18 billion barrels of liquefied natural gas resources.