Iran expects its oil output capacity to reach 7 mm bpd in 2015

Apr 16, 2005 02:00 AM

Iran's Oil Minister Bijan Namdar Zanganeh said that Iran is planning to increase its petroleum production capacity to 7 mm bpd in the next 10 years, when, the target set by the 20-Year Perspective calls for acquiring 10 % of the global gas trade.
Speaking at the inauguration ceremony of the 10th Oil, Gas and Petrochemicals Exhibition, the minister said the total value of petrochemical exports will also reach $ 20 bn by the next 10 years.

He said these objectives can be met only if the hydrocarbon energy industry can muster $ 150 bn in investments over the period.
"Iran has absorbed investments of $ 50 bn over the past seven years, which makes it plausible to talk about $ 150 bn over the next 10 years," he said, adding that record high oil prices have prompted international firms to invest in Iran’s energy sector.

He further noted that the ground has to be prepared for greater participation by international companies in Iran’s energy projects, stressing the need to create a competitiveenvironment under which Iranian companies are obliged to catch up with modern technologies to be able to compete with their rivals.
Zanganeh said the Oil Ministry and the Seventh Parliament share common views on oil price, stressing that the conservative lawmakers ratified the controversial plan to regulate the financial relationship between the National Iranian Oil Company and the government.

He said the Organization of Petroleum Exporting Countries (OPEC) prefers stable prices, adding that market fluctuations would not best serve the oil producing countries’ interests.
"No one can predict oil prices for next week because there might be sensitivities as well as speculations that would have an impact on the prices," he said, adding that OPEC is presently facing an oversupply of 2 mm bpd.

Source: IranMania
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