|Oil production from Iran shared fields to rise 5 times||
Iran's deputy oil minister says a new contract worth seven billion dollars will soon be signed as the ministry is planning to increase the crude output from the country’s shared oil fields by five times.
Mohsen Khojasteh-Mehr, deputy oil minister for planning and supervision over hydrocarbon resources, noted that according to the Fifth Economic Development Plan (2010-2015) Iran's total crude output should hit 5.6 million barrels per day (bpd) by the end of the plan.
He added that the shared oil fields should account for 1.3 million bpd of that figure by 2015.
The official stated that Iran's natural gas production from the shared natural gas fields will increase 3.5 times while its oil output from the shared oil fields will rise 4-5 times during that period.
Khojasteh-Mehr noted that production from the shared Iranian oil fields increased by 20 percent and the output of the shared gas fields rose 22 percent during the last Iranian calendar year (ended March 19, 2012) compared to a year before.
The deputy oil minister said 12 new oil and gas reservoirs, including three shared ones, were discovered during the past Iranian year, which increased Iran's in-place oil reserves to 9 billion barrels, excluding the Sardar-e Jangal oil field whose in-place reserves have been estimated at 2 billion barrels.
“Final decisions have been made on all onshore shared fields and only three [offshore] shared oil and gas fields in the Persian Gulf are awaiting [a final decision], and a contract worth USD 7 billion will soon be signed for their development,” he added.
According to Khojasteh-Mehr, the country’s capacity for refining oil products will also hit 2.5 million bpd by 2015, including 500,000 bpd of condensate.
Iran shares oil and gas fields with most of its neighbors, including Iraq, Kuwait, Qatar as well as Oman and Turkmenistan.
Iranian energy officials said in July 2011 that as much as 35 percent of the country's energy development budget would go towards the development of the shared oil fields.
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