Iran ups oil export, preparing to issue upstream tenders
Baku, Azerbaijan, Mar. 17
By Dalga Khatinoglu – Trend:
Iran exported 2.298 million barrels per day (b/d) of crude oil as well as 700,000 b/d of gas condensate in February, National Iranian Oil Company’s CEO Ali Kardor told SHANA Mar. 17.
He added that in March the crude oil export reached above 2.1 million b/d and the gas condensate export reached about 500,000-550,000 b/d in average.
According to him, currently Iran exports 0.5 million b/d of oil and gas condensate to the EU, but the volume will reach 0.8 million b/d in two months.
Kardor said Iran’s crude oil output will increase by 0.1 million b/d to 4 million b/d by April 20.
However, according to OPEC’s monthly report, Iran’s crude oil output reached 3.814 million b/d in February.
Kardor said that 45,000 b/d of oil output will be added from the South Azadegan field by April 20, while 15,000 b/d from the Azer field, 35,000 b/d from the South Pars gas field’s oil layer and 10,000 b/d from the Yaran field will be added to the oil production capacity.
Touching upon the needed investment in upstream sector, he said that NIOC has $50 billion debts and is not able to fund the oil and gas projects on its own.
“If Iran can’t absorb the needed investments, the country’s oil production will decrease by 1.5 million b/d in 20 years,” he said.
Iran has introduced the newly designed oil contract model, called the Iran Petroleum Contract (IPC).
The country plans to sign agreements with foreign companies to develop 49 oil and gas fields based on IPC.
“The first tender on South Azadegan will be issued no later than April 20,” Kardor said, adding that the second tender will be on the Yadavaran oil projects.
Iran expects to attract $100 billion investment, of which 80 percent would be foreign funds to develop its upstream projects by 2021.