Iran to increase oil production in 10 old oil fields

Sep 25, 2011 12:00 AM

The National Iranian Oil Company plans to increase oil production in its 10 old oil fields by 80 %, Director of the Coordination and Production Monitoring Department at the National Iranian Oil Company Amir-Masood Jabari was quoted as saying.
"Iran's oil industry requires 10 % of oil revenues to invest in old fields and maintain production level," he said.

He stressed an increase in oil production to 50,000 bpd in the old fields has raised country's oil production capacity. The oil production in Masjed Soleiman oil field increased to 25,000 barrels of oil per day and we hope to see the same figures in Azadeghan and Yadavaran oil fields, he said.
The National Iranian Oil Company seeks to increase oil production in its old oil fields and boost development plans by further investments.

Iran has OPEC's second-highest oil output, and ranks second in the world in terms of natural gas reserves after Russia.

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