Iran's deputy oil minister says a new contract worth USD 7 billion will soon be signed as the ministry is planning to increase the crude output from the country’s shared oil fields by 5 times.

Mr Mohsen Khojasteh Mehr deputy oil minister for planning and supervision over hydrocarbon resources noted that according to the Fifth Economic Development Plan (2010-2015) Iran's total crude output should hit 5.6 million barrels per day by the end of the plan. The shared oil fields should account for 1.3 million barrels per day of that figure by 2015.

The official stated that Iran's natural gas production from the shared natural gas fields will increase 3.5 times while its oil output from the shared oil fields will rise 4 to 5 times during that period.

Mr Khojasteh Mehr noted that production from the shared Iranian oil fields increased by 20% and the output of the shared gas fields rose 22% during the last Iranian calendar year (ended March 19, 2012) compared to a year before.

He said that 12 new oil and gas reservoirs including three shared ones were discovered during the past Iranian year which increased Iran's in place oil reserves to 9 billion barrels excluding the Sardar e Jangal oil field whose in place reserves have been estimated at 2 billion barrels. Final decisions have been made on all onshore shared fields and only three shared oil and gas fields in the Persian Gulf are awaiting and a contract worth USD 7 billion will soon be signed for their development.

Source - oilandgaseurasia)

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