Baku, Azerbaijan, Apr. 14
By Dalga Khatinoglu – Trend:
Iran would lose 300,000 barrels per day of oil production capacity during the current fiscal year, due to natural pressure fall in active fields, but the country would add 350,000 b/d from new fields, Ali Kardor CEO of National Iranian Oil Company said.
About 80 percent of Iran’s active oil fields are in their second half-life and lose 8-12 percent of productivity annually due to natural pressure fall in reservoirs.
Kardor told ISNA that the country’s crude oil output level would reach 4 mb/d by April.
“Regarding the projected 300,000 b/d drop in the country, about 350,000 b/d of new output capacity would be added to the production level and in total, Iran predicts 4.05 mb/d of oil output for the current fiscal year,” he said.
Iran’s fiscal year started on March 21.
Kardor also said that “OPEC’s decisions also would have effect on Iran’s output, but we attempt to produce as much oil as possible”.
According to OPEC’s deal, achieved in November 2016 and implemented in January for 6 months, the Cartel should decrease the oil output by 1.2 mb/d of in 1H17. Iran was allowed to add 90,000 b/d and reach the production level of 3.797 mb/d.
According to the latest statistics, published By OPEC, Iran produced 3.79 mb/d of crude oil in March, or about 29,000 b/d less than February.
OPEC members are preparing to meet in May to discuss extension of deal for 2H17. The Cartel’s compliance of the deal was 95 percent last month.