Publishe Date: 2:31 PM - 9/3/2012 | Print

Iran to Up Annual Crude Production by 120 Million Barrels

Economy - The National Iranian South Oil Company (NIOSC) as the main crude producer in Southern Iran plans to increase its oil output despite the sanctions imposed against Tehran.

The NIOSC announced on Sunday that the company's hardworking managers and staff are resolved to boost production of Nargesi oilfield as much as 120 million barrels.
Nargesi oilfield which is located at 30 kilometers north of Borazjan a city in southern province of Bushehr, was discovered in 1974.

The rise in Nargesi oilfield's production will be materialized after gas injection and associated gas gathering operations.

An Iranian contractor will implement the $ 33 million recovery enhancement project of Nargesi oilfield within the frame work of an Engineering, Procurement, and Construction (EPC) contract.

The NISOC produces more than 80 percent and 16 percent of total Iran's oil and gas respectively. Also the company's daily oil and gas production stands at 3 million barrels and 110 million cubic meters respectively.

According to OPEC's Monthly Oil Market Report, on average, Iran produced 3.576 million barrels of crude oil per day in 2011 and 3.544 million barrels per day in 2010. The country's oil production has steadily increased in 2012, rising to 3.758 million barrels per day in April.

Iran's oil production stood at 3.742 million barrels per day in the Q1 of 2012 which was an increase of 133,000 barrels per day in comparison to the output in the Q4 of 2011.

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