Iran's oil production capacity is diminishing

Jul 10, 2001 02:00 AM

Iran's oil production capacity is diminishing by 300,000 barrels a year, with existing technology inadequate to preserve the country's current capacity of 4 mm bpd. The figures were quoted by Mehdi Mirmoezzi, deputy oil minister and deputy chief of the National Iranian Oil.
Mirmoezzi said with increasing demand for oil from OPEC, Iran will have to raise its production capacity to 8.6 mm bpd within the next 20 years to maintain its relative share of production within the group. He said Iran has to adopt more functional and up-to-date technology to improve its production capacity.

The Iranian Oil Ministry said the country is planning to raise its production capacity to around 5 mm bpd by 2006, by attracting foreign investment and technology. Iran is the second-largest producer in OPEC, with a current output quota of 3.55 mm bpd.

Source: Energy24
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