Iran to win 7 % share in world’s oil exports

Dec 23, 2003 01:00 AM

Iran is expected to win a share of 7 % in the world's oil exports and 14 % in the OPEC supply by the year 2020 with 7.5 mm barrels of daily production of the vital substance.
Addressing a seminar on the anniversary of the founding of National Iranian Drilling Company's (NIDC), oil minister's advisor and a professor of the Tehran-based University of Science and Industry Technology, Mohammad-Javad Assemipour said that Iran had more than 130 bn barrels of proven oil reserves until last year (ended on March 20).

Assemipour also put national gas reserves at 26 tcf, worth $ 3.5 tn. The official said Iran's oil and gas reserves would last for the next 93 and 220 years respectively, prompting necessary investment in the oil and gas fields and related industries and raising competitive power in the world economic village.
He disclosed that oil exchange markets will be set up in the oil rich cities of Abadan and Khorramshahr in Khuzestan Province in future.

Meanwhile, the NIDC Managing DirectorSeyfollah Jashnsaz said at the meeting that since its establishment on December 22, 1979, the NIDC has drilled, repaired or completed 1,946 wells and more than 50 oil fields both inside and outside the country. Jashnsaz said that in the past 24 years, more than 4 mm meters had been drilled, marking an unprecedented record for the NIDC.
He said the company has thus far drilled 218,000 meters of wells this year, a figure which will surmount to 300,000 meters by end of the year on March 19. He added that the NIDC is to drill 95 wells, 87 of which have been drilled so far. The official said the NIDC is scheduled to earn a revenue of Rls 2,500 bn this year, and it has met 80 % of the target so far.

Source: Tehran Times
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