News & Reports News Year 2011 May , 2011 Iran to increase crude production

Iran to increase crude production



The Iranian deputy oil minister says the country will increase its crude oil production by more than 100,000 barrels per day by March 2012. Masjed Soleiman, Yadavaran, Mansouri and Hengam oilfields are the main four drilling projects that will contribute to the hike, Ahmad Qalebani told Mehr news agency on Friday.

Oil was struck for the first time in the Middle East at Masjed Soleiman in Khuzestan province some 102 years ago. More than one billion barrels of oil have been drilled from the oilfield so far.

The Yadavaran oilfield is estimated to have 17 billion barrels of reserves. Production is expected to reach 300,000 barrels per day over two phases.

Mansouri oilfield is located about 60 kilometers north of the Persian Gulf and near the southwestern city of Ahvaz.

Hengam joint oilfield, discovered in 1975, contains almost 700 million barrels and is located between Iran and Oman in the Strait of Hormuz.

Iran shares 18 oil and gas fields with neighboring countries, including Oman, in the strategic oil-rich region of the Persian Gulf.

The Islamic Republic has the world's second largest crude reserves after Saudi Arabia and the second largest gas reserves behind Russia.