Category: Economy , News ID: 418539
حمید بورد

Iran’s Oil Output from South Oilfields to Hit 3mbpd

July 01, 2014 - 15:43

TEHRAN (Tasnim) – National Iranian South Oilfields Company (NISOC) plans to raise its oil output to over 3 million barrels per day (bpd), NISOC Managing Director Hamid Bovard announced.

The company’s plan to increase production is in line with oil ministry’s policies, Bovard said, adding that the necessary preparations to reach the goal are currently underway.

He also announced that NISOC will try its hardest to use the existing capacities to boost output.

He went on to say that drilling and repairing oil wells constitutes a major part of the plan to increase oil production.

The company has performed more than 77,000 meters of drilling in the first quarter of the current Iranian year (March 21, 2014 to March 20, 2015). He also said that the drilling will reach 150,000 meters in the first half of the year.   

Back in May, the oil minister said Iran plans to start the process of increasing oil production from fields shared with neighbors by one million barrels per day (bpd) within the coming month, noting that the process will be completed by 4 years.

“Massive efforts to raise oil production by one million barrels a day will begin within the next few months,” he said at the time.

“Such production capacity will be reached in the coming four years,” he explained, adding that if this goal is achieved, it would be the biggest ever bargaining chip of the oil ministry since the increase in oil production will take place in joint fields.

With 137.6 billion barrels of proven reserves, Iran has the world's fourth largest crude deposits. In terms of gas reserves, it is second only to Russia, with reserves estimated at 29.61 trillion cubic meters (tcm).

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