Iran output to hit five million by 2015

Iran aims to increase oil output to 5.1 million barrels per day (bpd) by 2015 under a five-year national development plan submitted to parliament, the Oil Ministry's website Shana reported yesterday.

Shana did not give a comparative figure, but Iran pumped 3.75 million bpd in December, according to a Reuters survey of production within Opec, which slashed production in late 2008 in response to lower demand and falling crude prices.

Total investment in the Islamic Republic's oil and gas sector during the 2010-2015 period would amount to $155 billion (Dh568.85bn), including $65bn from domestic resources, Shana said, citing the government's development plan.

Gas production would rise to 1.1 billion cubic metres (bcm) a day with the help of development of more phases of Iran's South Pars field in the Gulf, Shana said, without giving comparisons.

In order to reach the oil and gas output targets, Iran needs to develop 15 oil fields and 20 gas fields, Shana said, giving details of the national development plan submitted to parliament by President Mahmoud Ahmadinejad on Sunday.

Exploration of new fields would help add 1.5 billion barrels of crude to the country's reserves each year. Iran is the world's fifth largest oil exporter.

Analysts say Iran needs foreign capital to help modernise its energy sector and increase capacity, but that Western firms in particular are increasingly wary of investing in the country due to an international row over its nuclear ambitions.

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