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| Development of joint fields atop priorities, says Iran’s oil minister nominee |
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.jpg) TEHRAN – Development of joint fields, especially the South Pars gas field, will be the top priority of Iran’s oil ministry, Bijan Namdar Zanganeh, who has been nominated by President Hassan Rohani to take over the ministry, stated.
He also pledged to boost Iran’s oil output to at least 4 million barrels per day should he be approved by the parliament.
“My first action will be to bring the country’s oil production capacity back to 2005” levels, Zanganeh was quoted as saying by IRNA.
Exports of crude oil, gas condensates, liquefied petroleum gas (LPG), and petrochemicals, should also be increased, he added.
“I don’t mean output should be immediately returned to its past level because it may not be possible due to sanctions,” Zanganeh said. “But stable production capacity should be created so that we will be able under any circumstances to benefit from oil for our domestic needs.”
Iran is currently producing 300 million cubic meters per day of gas from the South Pars, which is shared by Qatar in the Persian Gulf.
The Iranian section, which is divided into 29 phases, contains 14 trillion cubic meters of natural gas, about eight percent of the world's reserves, and more than 18 billion barrels of liquefied natural gas (LNG) resources.
Zanganeh served as oil minister from 1997-2005 and prior to that was energy minister for nine years.
Iran produced 2.56 million barrels of crude oil a day in July, according to data compiled by Bloomberg. The country produced about 4 million barrels a day in 2005.
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