3-stage plan to raise oil production unveiled

News ID: 2924352 -
TEHRAN, Sep. 26 (MNA) – Managing director of the Iranian Offshore Oil Company has explained details of Iran’s three-stage plan to increase oil production during the post-sanction era.

Explaining the detail of Iran’s three-stage plan to increase crude oil production in Persian Gulf, Saeed Hafezi said that, “currently, the natural decline in Iran’s oil production in offshore fields exceeds the decline in onshore fields.”

Pointing to the 10-12 percent drop in oil production at Persian Gulf fields, Hafezi asserted that, “accordingly, implementing plans to increase oil production in these areas will be time consuming and only after compensating for the natural decrease we can begin to increase our production capacity.”

This official reiterated that by the removal of sanctions, Iran will undertake a three-stage plan to increase oil production adding that, “based on this plan, during the first stage we will implement emergency techniques to increase daily production of crude oil in Persian Gulf by 32 thousand barrels.”

Announcing a medium-term program to increase daily production in Persian Gulf and the Strait of Hormuz by 130 thousand barrels, Hafezi added that, “by undertaking a four to five-year plan, the natural drop in annual production capacity will be compensated in order to reach the quota of 800 thousand barrels per day.”

Noting that before the sanctions Iran has had the record of 810 thousand barrels per day and an average annual production of 724 thousand barrels of oil in the Persian Gulf, this official stated that, “reaching previous records is feasible and practical Iran can increase its production capacity by raising recovery factor, implementing production projects and reducing the natural decline in oil production.”

 

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