TEHRAN – Iran forecasts an increase in its crude oil and natural gas production in Iranian calendar year 1393, which begins on March 21.
Iran’s crude oil output is forecast to increase by about 200,000 barrels per day to 4 million barrels per day, and its daily natural gas output is forecast to increase by about 100 million cubic meters per day to 400 million cubic meters per day, Iranian Oil Minister Bijan Namdar Zanganeh said on Monday.
On December 3, 2013, Zanganeh said Iran could boost production to 4 million barrels per day in the next Iranian calendar year if the sanctions were lifted. The country is currently exporting about 1.2 million barrels per day and has earmarked 1.5 million barrels of daily sales in the national budget for the year 1393, which includes 300,000 barrels of condensates.
The Iranian oil minister has invited France’s Total, the British/Dutch corporation Royal Dutch Shell, Norway’s Statoil, Italy’s Eni, the UK’s British Petroleum, and the United States’ Exxon and Conoco to invest in oil projects in Iran.
In January, the Iranian deputy oil minister for planning affairs said Iran forecasts a big jump in its natural gas exports in Iranian calendar year 1394 (March 2015-March 2016).
Mansour Moazzami told IRNA that a number of prioritized gas projects will come on stream in Iranian calendar year 1393 (March 2014-March 2015), including five phases of the South Pars gas field development plan.
The South Pars/North Dome field is a gas field located in the Persian Gulf. It is the world’s largest gas field and is shared by Iran and Qatar. The field’s recoverable gas reserves are estimated to be equivalent to 215 billion barrels of oil. It also holds about 16 billion barrels of recoverable condensate.
Iran’s South Pars gas field, which is divided into 29 phases, has about 14 trillion cubic meters of gas, or about eight percent of total world reserves.
Iran is estimated to hold 33.7 trillion cubic meters of natural gas and 157 billion barrels of recoverable crude oil reserves.
Thus, Iran possesses the world’s second largest reserves of natural gas and the world’s fourth largest reserves of crude oil.