Iran status of oil, gas fields this year

The National Iranian Oil Company started the move last year, when it signed contracts and agreements for specifying the status of the country's oil and gas fields. NIOC Managing Director Ahmad Qalebani said his company will sign up to 30 billion dollars worth of contracts for the same purpose this year. He reminded that development of shared oil and gas fields is a top priority of his ministry, while development of independent oil and gas fields depends on existence of investors or concluding buy back contracts. "In the Iranian year of 1390 (March 21, 2011-March 19, 2012) our country's oil production capacity stood at four million barrels per day," the official said according to the oil ministry's website, Shana, adding that "we hope our oil production capacity to rise to 4.1 million barrels per day this year by implementation of development plans and gas injection to some oil fields". He noted that Iran's oil production capacity will soar to 4.5, 4.6 and 5.1 million barrels per day in 2014, 2015 and 2016, respectively.