Iran to produce 4.5 million oil barrels by 2005
Iran’s oil production is expected to reach approximately 4.5 million barrels per day by the year of 2005, according to Mahdi Meer Maeeri of the Iranian Ministry Oil. By 2010, projected daily output stands at 5.6 million barrels, and 7.3 million by 2020.
The anticipated increase follows the signing of 12 new agreements to develop the nation’s oil sector, reports Al-Jazirah daily. Foreign investment is considered a crucial part of these projected goals.
Maeeri stated recently that he anticipates an initial average increase in Iran’s oil production of 520,000 barrels per day. He estimated that the current average quantity of daily output per oil field in Iran is 3,000 barrels a day.
In October 1999, the largest oil discovery in 30 years was made at the Azadegan onshore field of Khuzestan.
The field has an estimated five to six billion barrels of recoverable oil, with a production capacity of 300,000 to 400,000 barrel per day. — (Mena Report)
© 2001 Mena Report (www.menareport.com)