ID :
192689
Mon, 07/04/2011 - 10:32
Auther :
Shortlink :
https://oananews.org//node/192689
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Official: Iran Producing over $217bln of Oil, Gas Products
TEHRAN (FNA)- Iran's Deputy Oil Minister Mohsen Khojastehmehr said the value of the country's oil and gas production amounted to $217bln last year.
"By 2010, Iran produced on average 4.2 million barrels of oil, 600 million cubic meters of gas, and 400,000 barrels of gas condensates per day," MNA quoted Iranian Deputy Oil Minister Mohsen Khojasteh-Mehr as saying.
Commenting on the details of investment plans in the upstream and downstream sectors of Iran's oil industry during the Fifth Five-Year Development Plan (2011-2016), he stated that if the financing programs are completely implemented, Iran's oil, gas, and condensate output will increase considerably by 2016.
So the daily output of oil will increase to 4.4 million barrels, the output of gas condensates will rise to 1.1 million barrels, and the natural gas output will rise to 1.47 billion cubic meters in the next five years, he added.
"Through the implementation of these plans, the value of Iran's oil and gas production will rise from $217 billion in 2010 to $350 billion in 2015," Khojastehmehr predicted.
In 2011, Iran plans to invest $15.8 billion for the development of the untapped phases of the South Pars gas field, $4.5 billion for joint oil fields, $3.7 billion for domestic oil fields, and $6.5 billion for other domestic gas fields, he said.
According to the deputy oil minister, Iran will invest around $40 billion in the oil and gas sector in the current year.
The Islamic Republic has the world's second-largest crude reserves after Saudi Arabia and the second-largest gas reserves after Russia.
Iran has been facing a series of US-led sanctions which aimed to deter foreign investments in the country. Washington has also been planning to increase its unilateral sanctions on the Islamic Republic's energy sector.
Asian economies are more active in Iran's energy sector than those in other parts of the world and countries such as China, India and Turkey are considered to be less susceptible to US-led pressure.
"By 2010, Iran produced on average 4.2 million barrels of oil, 600 million cubic meters of gas, and 400,000 barrels of gas condensates per day," MNA quoted Iranian Deputy Oil Minister Mohsen Khojasteh-Mehr as saying.
Commenting on the details of investment plans in the upstream and downstream sectors of Iran's oil industry during the Fifth Five-Year Development Plan (2011-2016), he stated that if the financing programs are completely implemented, Iran's oil, gas, and condensate output will increase considerably by 2016.
So the daily output of oil will increase to 4.4 million barrels, the output of gas condensates will rise to 1.1 million barrels, and the natural gas output will rise to 1.47 billion cubic meters in the next five years, he added.
"Through the implementation of these plans, the value of Iran's oil and gas production will rise from $217 billion in 2010 to $350 billion in 2015," Khojastehmehr predicted.
In 2011, Iran plans to invest $15.8 billion for the development of the untapped phases of the South Pars gas field, $4.5 billion for joint oil fields, $3.7 billion for domestic oil fields, and $6.5 billion for other domestic gas fields, he said.
According to the deputy oil minister, Iran will invest around $40 billion in the oil and gas sector in the current year.
The Islamic Republic has the world's second-largest crude reserves after Saudi Arabia and the second-largest gas reserves after Russia.
Iran has been facing a series of US-led sanctions which aimed to deter foreign investments in the country. Washington has also been planning to increase its unilateral sanctions on the Islamic Republic's energy sector.
Asian economies are more active in Iran's energy sector than those in other parts of the world and countries such as China, India and Turkey are considered to be less susceptible to US-led pressure.
