Iran to Reach Crude Production Output of 4.5 Million Barrels per Day

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Researched by Industrial Info Resources India (Delhi, India)--With the new oil field discoveries in Iran, the country's known crude oil reserves have grown from 151 billion barrels to 154.8 billion barrels, and it is forecast that the total crude oil production capacity will reach 4.5 million barrels per day (BBL/d) in the next four years.

It is estimated that about 700,000 to 800,000 BBL/d of crude oil production from 30 aging oilfields could be obtained using the latest technologies like intra-well electric pumps. At present, Iraq has greatly increased operations in joint fields with Iran, and the country is planning to raise its crude output to 12 million bpd. Meanwhile, it has increased crude production from 2.1 million BBL/d to more than 2.8 million BBL/d in the past 10 months.

Iran shares oil and gas fields with most of its neighbors, including Iraq, Kuwait, Qatar and Oman. Iran ranks No. 1 in the world in terms of hydrocarbon resources because of its rich reserves of oil, gas and gas condensates. Iran is the top oil exporter of the Organization of Petroleum Exporting Countries (OPEC) after Saudi Arabia. The country has the world's second-largest crude reserves after Saudi Arabia and the second-largest gas reserves after Russia.

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