23 February 2016 - 18:00
  • News Code: 255681
Iran Eyes 4.6mb/d Crude Oil Output under 6th Development Plan

TEHRAN, Feb 23 (Shana) -- Iranian Minister of Petroleum Bijan Zangeneh said Iran has envisaged a daily crude oil output of 4.6 million barrels under the 6th five-year development plan (2016-2021).

Addressing an energy conference on Tuesday, he said $40m in investments is needed for developing the country's oil industry under the plan. 

Zangeneh said Iran recovers 75% of its crude oil output from 8 or 9 fields that have been productive more than 60 years and their output is consistently diminishing.

He said boosting production of oil is the chief mission of the petroleum industry under the 6th development plan, adding the plan requires that at least a million barrels of gas condensate must be added to the country's daily output by 2021. 

The petroleum minister added that Iran's natural output will cross 1.1bcm/d by March 21, 2018, saying South Pars will supply 0.75bcm by then.

He said all phases of the supergiant South Pars gas field, excluding phase 14, will come online by late-2016 which would mean Iran's natural gas output would exceed that of Qatar. Iran shares the offshore field with Qatar in Persian Gulf waters. 

The official said plans are under way to lower power plants' liquid fuel intake to 10% over the course of the next few years from the current 18% which would be a major step to preserve the environment. 

Natural Gas Exports
He further said Iran will boost natural gas exports to neighboring states to 0.2bcm/d from the current 30mcm/d and its customers will be Iraq, Pakistan, Oman and some other countries. 

Petrochemical revenues

Zangeneh said Iran's petrochemical revenues will jump from currently $18bn/y to $41bn/y by the end of the 6th development plan, requiring massive investments in the sector by the private sector. 

He said $50bn of finances is needed for funding petrochemical projects in Iran, adding, "If an annual amount of $12bn is invested in the sector, a huge number of jobs will be created in the country." 

Renovation of Refineries
He said 15 billion dollars in investments must be attracted to renovate the country's refineries as required by the 6th development plan. 
News Code 255681

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