Minister: Iran seeks to raise daily oil output

Iran Materials 21 May 2012 17:52 (UTC +04:00)

Azerbaijan, Baku, May 21/ Trend F.Milad/
Iranian Oil Minister Rostam Qasemi has said the country's oil output is projected to increase by 1.5 million barrels per day (bpd) by the next four years.
He also added that the daily gas output will rise by 1.47 billion cubic meters, the Mehr News Agency reported.
All development plans related to joint oil and gas fields will by finalized by the end of the first half of the current calendar year (September 21), he added.

According to the OPEC's Monthly Oil Market Report, Iran on average had produced 3.576 million barrels per day of crude oil in 2011 and 3.544 million bpd in 2010.

The country's oil production has steadily increased in 2012, reaching from 3.576 million bpd in 2011 to 3.758 million bpd in April, which shows 182,000 bpd growth in the mentioned period, the OPEC's report says.

Iran's oil production stood at 3.742 million bpd in first quarter of 2012, indicating some 133,000 bpd increase in comparison to the output in fourth quarter of 2011.

Iran has attached priority to boosting gas production capacity from its joint oilfields with Qatar and Saudi Arabia.

Qasemi has ordered all contractors of the South Pars gas field development projects to work round the clock in three shifts to complete development of all phases, especially the phases 12, 15, 16,
17 and 18.

The South Pars gas field is shared by Iran and Qatar.

Iran ranks the fourth worldwide with 155 billion barrels of recoverable oil reserves, next to Venezuela, Saud Arabia and Canada.

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