While OPEC is doing a…
Despite bullish noises from OPEC…
Iran is currently the second largest oil exporter in the Organization of Petroleum Exporting Countries (OPEC), exceeded only by Saudi Arabia.
According to National Iranian South Oil Company executive director Hormoz Qalavand, "From the beginning of the current year (starting 21 March 2011, according to the Iranian calendar) until now, an average of about 3 million barrels per day of crude oil has been produced within the operational scope of the company, which is equivalent to 99.98 percent of the plan set by the National Iranian Oil Company," Donya-e Eqtesad newspaper reported.
Qalavand observed, "according to the plan, through the installation and operation of the pumps inside the wells and the drilling of the new wells, the groundwork and mechanisms for which have been prepared, we will be able to achieve a level of production beyond that in the plan projected through the end of the current year." Regarding increasing production from Masjed Soleyman oil field Qalavand noted, "Through the complete inauguration of the development project of this oil field, which is in the experimental launch phase, the oil production capacity in the oil-rich regions of the south will increase to 25,000 barrels per day. The production of oil from the reserves of this company is carried out based on the principle of protecting the reservoirs, and this matter is considered as the main strategy for the oil-rich regions."
By. Charles Kennedy, Deputy Editor OilPrice.com
Charles is a writer for Oilprice.com