Iranian crude oil capacity to reach 4.5 mm bpd in next four years

Jul 31, 2001 02:00 AM

Iran's crude oil output capacity will reach 4.5 mm bpd in the next four years with the implementation of 12 buy-back accords for the development of national reserves. Under the contracts, 520,000 bpd of crude will be added to the production capacity, said Mehdi Mirmoezi, first deputy managing director of the NIOC.
Iran's condensed gas production capability will also be boosted by 390,000 bpd, with about 220 mm cm added to daily natural gas production, with liquids output expanded by 3 mm tons. Mirmoezi said around $ 21 bn had been invested directly in the implementation of 21 contracts, signed over the past four years.

Once other projects underway in the South Pars gas field are completed, the country's total revenue from this sector is expected to reach $ 17.8 bn. With the commissioning of the sixth, seventh and eighth phases of the South Pars gas field, Mirmoezi hopes to offset a gas shortage in the national grid. He noted that a $ 140 mm contract has been signed between an Iranian and foreign company for the injection of 75 mm cmpd of gas into the Aghajari field.

Source: FWN
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