16 oil & gas fields nearly 90 percent complete

Iran Materials 20 October 2012 18:31 (UTC +04:00)

Azerbaijan, Baku, Oct. 20/ Trend F.Milad/

The development plan of 16 oil and gas fields is nearly finished and will be 90 percent complete by the end of current Iranian calendar year (March 19, 2013), the Managing Director of Iranian Central Oil Fields Company (ICOFC) Mehdi Fakour said.

These projects were supposed to come on stream earlier but we decided to delay the inauguration ceremony, the ISNA News Agency quoted him as saying.

The Development plan of Dey and Sefid Zakhor gas fields in Iran's Southern Fars province will also be completed by October 2013, Fakour said.

Once the two gas fields come on stream, 15.1 million cubic meters and 10,000 barrels of gas condensate would be added to the country's production capacity, the IRNA News Agency reported.

Daily gas production in Iran is about 600 million cubic meters, and this is projected to increase to 1.2 billion cubic meters in the future. According to the National Iranian Gas Company, the country's oil and natural gas reserves account for 10 percent and 16 percent of total world reserves, respectively.

Iran, with 155 billion barrels of recoverable oil reserves, ranks fourth worldwide, after Venezuela, Saudi Arabia, and Canada.

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