Iran aims to surpass five million b/d production mark by 2015

17 October 2011

New Iran reserves stand at 150 billion barrels

Iran’s oil minister says the country is targeting a production increase of at least one million barrels a day (b/d) by 2015 and has increased the estimate for its proven reserves.

The increase comes from fields shared with neighbouring countries.

“By the end of the Fifth Development Plan [from 2010-15], the country’s oil production must increase to 5.2 million barrels a day and this should happen from the country’s joint fields,” the local ISNA news agency quotes Oil Minister Rostam Qasemi as saying.

Estimates of Iran’s current production vary between 3.6 million to 4 million b/d. The latest figure, 3.92 million b/d, has been given by the head of the state-run National Iranian Southern Oil Company, Hormoz Qalavand.

Iran has increased its estimate for proven reserves to 150.3 billion barrels, up from 138 billion barrels, according to ISNA, which does not specify the method used to calculate the new reserves.

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