Iran plans in the next 5 years to increase oil production 1.5 times, and start developing the country’s largest gas field South Pars, which is comparable with the reserves of Russia, reports Finanz.ru.
Such parameters laid down in the long-term strategy for the development of the oil and gas industry of the Islamic Republic, told reporters on Wednesday the Deputy Minister of oil for international Affairs and Commerce of Iran, Amir Zamani, nia.
According to him, by 2020, the year Iran intends to produce 5.7 million barrels per day compared to 3.66 million barrels in September 2016 (according to OPEC).
Long-term forecast of OPEC, published on the eve suggests the growth of extraction of cartel to 40.6 million barrels per day with increasing market share to 41%. Thus, Iran intends to provide about one third of the total growth within the organization and to increase its share in OPEC figures from 11.1% to 13.6%.
For that Tehran intends to attract foreign investment in the oil industry, said earlier in the week the country’s oil Minister Bijan Namdar Zanganeh.
On Tuesday, France’s Total and China’s CNPC signed with the Iranian company Petropars and the Iranian state concern NIOC a preliminary agreement to develop the gas field South Pars in the Persian Gulf.
According to Reuters, Total became the first Western energy company to sign a contract for cooperation with Iran after the lifting in January of 2016, the sanctions against that country imposed in 2010 because of concerns related to Tehran’s nuclear program.
South Pars located in the Persian Gulf, this territory shared by Iran and Qatar. The Deposit is considered the largest in the world, able to produce per day to 51 million cubic meters of gas per day (equivalent to 370 thousand barrels of oil per day). All the gas produced will be supplied to the Iranian gas pipeline system.