Iran's annual oil, gas production reaches 217 bln USD: report

08:47, July 05, 2011      

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Iranian Deputy Oil Minister Mohsen Khojasteh said the value of Iran's annual oil and gas production has reached 217 billion U.S. dollars in the last year and will rise in the coming years because of the vast new investments in the sector, the English-language daily Tehran Times reported on Monday.

"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," Khojasteh was quoted as saying on Sunday.

Commenting on the details of investment plans in the upstream and downstream sectors of Iran's oil industry during the country's Fifth Five-Year Development Plan (2011-2016), he said 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 said according to the report.

"Through the implementation of these plans, the value of Iran's oil and gas production will rise from 217 billion U.S. dollars in 2010 to 350 billion U.S. dollars in 2015," said Khojasteh.

He added that in 2011, Iran plans to invest 15.8 billion U.S. dollars for the development of the untapped phases of the South Pars gas field, 4.5 billion U.S. dollars for joint oil fields, 3. 7 billion U.S. dollars for domestic oil field, and 6.5 billion U.S. dollars for other domestic gas fields, said the daily.

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