A senior Iranian oil industry official says the country’s crude oil production will reach 5.1 million barrels per day (bpd) by 2015 from the current 4 million bpd.
Managing Director of National Iranian Oil Company (NIOC) Ahmad Qalebani made the remark on Sunday at Tehran Oil and Gas Show.
“To achieve this level of production, USD 180 billion must be invested [in the oil sector] by the end of the Fifth [Five-Year Economic Development] Plan (March 2010-March 2015),” the official stated.
Qalebani predicted that USD 30 billion in investment would be attracted for Iran’s oil industry in the current calendar year which ends on March 20, 2014.
He said the investment will be channeled into the oil industry through futures, Sukuk bonds, buyback deals and energy fund.
Qalebani further noted that Iran gas output will be enhanced by 100 million cubic meters (mcm) per day until the year-end, mainly due to production from phases 12, 15 and 16 of the massive offshore South Pars gas field.
He said Iran is currently recovering 300 mcm per day of gas from South Pars.
The South Pars gas field covers an area of 9,700 square kilometers, 3,700 square kilometers of which are located in Iran’s territorial waters in the Persian Gulf. The remaining 6,000 square kilometers, i.e. the North Dome, is located in Qatar’s territorial waters.
The Iranian gas field contains 14 trillion cubic meters of natural gas, about eight percent of the world’s reserves.
Iran, which sits on the world’s second largest natural gas reserves after Russia, has been trying to enhance its gas production by increasing foreign and domestic investments, especially in South Pars gas field.
