Iran: Production Capacity of Gas Condensate Rising, Says Official

Production Capacity of Gas Condensate Rising, Says Official

Managing director of National Iranian Oil Company (NIOC) said that the daily production capacity of gas condensate and gas liquids will rise by 120 thousand barrels per day this year, hitting 650 thousand barrels per day, after launching new phases of South Pars gas field.

Speaking to Shana, Ahmad Qalebani said production capacity of oil and gas stands at 4 million barrels and 700 mcm per day adding that production capacity of natural gas will rise by 100 mcm per day up to the end of the current year to March 2014.

“The main projects of the company coming online this year include an early production plan at Northern Azadegan oil field, development plan of Khesht oil field and launching South Pars gas field phases 12, 15, 16 and 17.”

He added that NIOC signed a number of contracts for development of oil and gas fields last year including Kish, Forouz B, Farzad A gas fields and Koh Monde, Kaki, Boshgan and Changoleh oil fields as well as NGL-3100 and NGL-3200 projects that their implementation will gain steam this year.

Earlier NIOC’s managing director had told Shana that oil production capacity of the country would reach 5.1 mb/d at the end of the fifth five-year development plan in 2015.

Qalebani said NIOC needed as much as 180 billion dollars in investment to achieve the target, adding while the company used to meet more than 90 percent of its required investments through its own sources, in the last two years it has used new methods for meeting its financial needs including offering rial and foreign exchange denominated bonds, buy back contracts,  issuance of Sukuk and Energy Fund resources.

This year, these resources are expected to provide as much as 30 billion dollars for investment while another six billion dollars will be spent through internal sources of NIOC, Qalebani concluded.

LNG World News Staff, May 10, 2013; Image: POGC

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