Economy

Minister: Islamic Iran to Increase Daily Gas Output to 1.4bln c/m in 4 Years

ıslamic Iran’s gas production will reach 1.4bln c/m barrels per day by the end of the fifth five year development plan in 2015, Oil Minister Rostam Qassemi said.

“Based on the plan, gas production should increase to 1.4bln c/m and oil production should reach 5mln barrels a day (in four years),” Qassemi said on Saturday.

He also reiterated that the country should also spend, at least, $200bln on the development of its oil industry by the end of the fifth five year development plan.

Iran holds the world’s second- largest gas reserves, with 34 trillion cubic meters.

A 2010 report by Iran’s Oil Ministry revealed that the country has discovered 13 new oil and gas fields with in-place reserves of 14 billion barrels of oil and 45 trillion cubic feet of natural gas between August 2009 and August 2010.

Iran also shares oil and gas fields with most of its neighbors, including Iraq, Kuwait and Persian Gulf littoral countries, Qatar and Oman.

Earlier this year, senior Iranian oil officials announced that the National Iranian Oil Company (NIOC) plans to boost oil extraction in joint fields from the current 240,000 to 950,000 barrels per day.

Member of the NIOC Board of Directors Abdolmohammad Delparish said in January that plans are already underway to boost the output to 950,000 barrels per day by the end of the fifth five year development plan.

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