Iran's oil production to exceed 5 mm bpd
Iran's oil production is to surpass 5 mm bpd until the end of the fifth Five Year Plan, the head of the National
Iranian Oil Company says.
"Iran has to increase crude production by 1 mm bpd, while replacing the natural loss in the production level of oil
wells, in order to reach the new level of production of 5,150 mm bpd," said Seyfollah Jashnsaz, the head of the
National Iranian Oil Company (NIOC), in the southern city of Ahwaz. He was participating in the 30th anniversary of
the establishment of the National Iranian Drilling Company, a subsidiary of NIOC.
Jashnsaz added that according to the fifth Five Year Economic Development Plan, Iran also expects to increase its gas
production to 1,111 bn cmpd from the current 600 mm cmpd over the five year period.
The proposed development plan for the period beginning in 2010 and running until 2015 focuses on implementing
development and administration of justice in the society. The plan envisages 45 clauses/sections dealing with
cultural affairs, scientific and technological know-how, social affairs, economic, political, defence and security
affairs.
Iran is the fourth largest oil producer in the world and OPEC's second largest exporter. The country's current
sustainable crude oil production capacity is estimated at more than 4 mm bpd.
The high quality natural gas under Iran places it second only to the Russian Federation in terms of planetary
reserves.
