Iran to Boost Output of Joint Oilfields to 800,000 Barrels per Day

TEHRAN (NNN-MNA) -- Iran has launched 17 development projects at oilfields which are shared with its neighbours, with the aim of boosting production at the sites to 800,000 barrels per day over the course of two years.

Iran shares 18 oilfields, four gas fields and six associated oil and gas fields with neighbouring countries.

The report did not mention the current output at the joint oilfields.

Iran has announced that it will implement 11 plans by the Iranian calendar month of Mordad 1392 (July 22-Aug 22, 2013) with the goal of boosting oil production by 175,000 barrels per day.

Once all the phases of the development plans are implemented, output will be increased by another 500,000 barrels per day.

Oil Minister Rostam Qasemi has said that the country’s oil output is projected to increase by 1.5 million barrels per day by 2016.

In July, Qasemi announced that new oil reserves of up to 6 billion barrels have been discovered in southwestern Iran.

The reserves are located around the Yadavaran oilfield in Khuzestan Province.

With the new oil discovery, Iran’s oil recoverable reserves stand at about 160 billion barrels.

Iran has the world's fourth largest reserves of recoverable oil, after Venezuela, Saudi Arabia and Canada.

With 34 trillion cubic metres of natural gas reserves, Iran has the world's second largest natural gas reserves after Russia. -- NNN-MNA