Iran to boost crude production by 40% in 4yrs

Qassemi stated that the daily gas output is projected to rise by 1.47 billion cubic meters. All development plans related to joint oil and gas fields will by finalized by the end of the first half of the current Iranian calendar year. The Organization of Petroleum Exporting Countries said Iran's oil output in April was 3.758 million barrels per day, 182,000 barrels per day more than its output in 2011, effectively disproving the claims that output had been impacted by the sanctions imposed on Iran. According to OPEC's Monthly Oil Market Report, on average, Iran produced 3.576 million barrels of crude oil per day in 2011 and 3.544 million barrels per day in 2010. The country's oil production has steadily increased in 2012, rising to 3.758 million barrels per day in April. Iran's oil production stood at 3.742 million barrels per day in the Q1 of 2012 which was an increase of 133,000 barrels per day in comparison to the output in the Q4 of 2011. Iran has attached priority to boosting gas production capacity at its joint oilfields with Qatar and Saudi Arabia. Qassemi has ordered all contractors of South Pars gas field development projects to work round the clock in three shifts to complete the development of all phases especially phases 12, 15, 16, 17 and 18. Energy experts say that Iran has 137.6 billion barrels of proven oil reserves, and 29.61 trillion cubic meters of proven gas reserves. Last June, the National Iranian Oil Company (NIOC) had announced discovery of another large deposit of crude oil and natural gas in the South Pars field in the Persian Gulf. It was estimated that the discovery would increase Iran's crude and gas condensate reserves by one billion barrels. The South Pars gas field is located in the Persian Gulf, north of Iran's maritime border with Qatar. The field's reserves are estimated at 14 trillion cubic meters of gas and 18 billion barrels of gas condensates. The Iranian share is due to be extracted into 29 phases.