Oil Ministry after recovery from joint fields

TEHRAN, May 06 (MNA) – Oil Minister Zanganeh said, South Pars Oil Layer, whose output had stood at zero, yielded 25 thousand barrels per day in the first Iranian calendar year (began March 21).

With a delay of one hour, Iran International Oil, Gas, Refining and Petrochemical Exhibition, dubbed Iran Oil Show 2017, officially opened on Saturday morning in Tehran International Permanent Fairground at the presence of Iranian Parliament Speaker Ali Larijani.

Iranian Minister of Petroleum Bijan Zanganeh, while addressing the opening ceremony of the international event, said conditions in the country’s oil industry had been unbearable four years ago when he took office.

Despite high revenues, the Ministry had no budget then and was suffering from very many difficulties, said the official, as such, limited financial resources were exploited to implement Phase 11 of South Pars field which could increase gas output from 275 million cubic meters in 2013 to 575 million cubic meters in 2016.

Oil minister further underlined that fuel oil consumption in Iranian power plants had dropped from 43% to less than 10% in the meantime and the country turned from an importer to an exporter of gas oil.

He went on to enumerate other major achievements of the incumbent government including gas supply to remote areas like far-fetched villages in Sistan and Balouchestan Province without relying on public resources.

On development of West Karun oil fields, the official said crude recovery from these joint fields had risen 70 thousand barrels per day to 280 thousand barrels.

He however described Iran’s return to the international markets and regaining of its lost shares as the most significant outcome of the Joint Comprehensive Plan of Action (JCPOA).

As regards petrochemical production capacity, Iranian oil minister said five million tons had been added to the country’s petchem output in the past four year giving a total of nine million tons; “the production volume could hit 10.5 million tons once Marjan Methanol Complex is inaugurated in Summer.”

He went on to underscore that the country had begun gasoline production from Setare Khalije Fars Gas Condensate Refinery. Furthermore, ten key utilities in the Iranian oil and gas industry are being manufactured domestically.

“All in all, the Iranian industry is ready to make a leap forward and domestic manufacturers are enjoying satisfactory conditions,” he concluded.


News Code 125229


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