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| Iran oil, gas production hit $217b |
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 TEHRAN – The value of Iran’s annual oil and gas production reached to 217 billion dollars which will grow in coming years by the vast new investments on the industry, deputy oil minister announced.
“By 2010, Iran produced on average 4.2 million barrels per day of oil, 600 million cubic meters of gas and 400 thousands of gas condensates”, Mehr news agency quoted Mohsen Khojaste Mehr as saying on Sunday.
Referring to the details of investment plans in upstream and downstream sectors of Iran oil industry during the Fifth Five-Year Development Plan (2011-2015), he stated that if financing programs will be fulfilled completely, Iran’s oil, gas and condensate output would increase considerably by 2015. So the output of oil will increase to 4.4 million barrels per day, gas output will rise to 1.47 billion cubic meters and gas condensate will up to 1.1 million barrels in the period.
“By implementation of these plans, the value of Iran’s oil and gas productions will rise from 217 billion dollars in 2010 to 350 billion dollars in 2015”, Khojaste Mehr said.
He added that Iran plans to invest 15.8 billion dollars for development of the untapped phases of South Pars gas field within this year and also 4.5 billion dollars for development of the common oil fields, 3.7 billion dollars for domestic oil fields and 6.5 billion dollars for domestic gas fields.
Totally Iran will invest around 40 billion dollars in oil and gas industry in the current year, he added.
-Oil and gas output rose against sanctions
Iran’s oil and gas output has risen considerably in recent years in spite of western sanctions, said managing director of National Iranian Gas Company, Javad Oji.
Iran’s current gas output is 600 million cubic meters which will be doubled in coming years reaching to 1.2 billion cubic meters, Irna quoted Oji as saying.
Oji stated that despite the heavy sanctions against Iran oil industry, Iran is now self-sufficient in the industry and capable to make any oil equipment domestically.
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