Iran's crude production capacity to rise by 1 million bpd
"Iran's crude production capacity will rise by one million bpd in next five years, said a senior Iranian oil industry official on Monday, an official news report said.
The report noted: Managing Director of National Iranian Oil Company Mehdi Mir-Moezzi said that Iran's current crude production capacity stands at 4.2 million bpd, .. adding the coefficient of recovery from oil fields will rise up to 30 percent in the Fourth Five-Year Economic Development Plan (2005-10) from present 25 percent.
To meet the objective, said Mir-Moezzi, changes should be made in the buy-back contracts so that it would be possible have longer joint cooperation with international and oil service companies.
.. attraction of necessary financial resources, and acquisition of sophisticated technologies for technical, executive and management purposes are also musts in the course. (and) giant proven oil and gas reserves and low cost of production compared to many other oil rich regions are the most important parameters for decision on investment in development of the production capacity, but investment in the upstream activities of Iran's oil industry have not yet been possible for different reasons.
Mir-Moezzi said that combination of variety of factors such as international sanctions imposed by the global powers, financial problems affecting investment and difficulties in access to the sophisticated technology and management have been among other influential factors in the process.
