Iranian Petroleum Minister Kazem Vaziri-Hamaneh has said that in the course of the past Iranian year, which ended in March 2007, crude oil production has averaged 4.05 million barrels a day (b/d).
The Minister also said that for the first time in recent years, his country's exports of crude oil on average were 2.4 million barrels a day.
The figures quoted by Vaziri-Hamaneh are impressive, particularly if one takes into account the annual natural reservoir decline amounting to about 350,000 b/d and international restrictions imposed as a result of Tehran's insistence on implementing its nuclear projects.
The National Iranian Oil Company (NIOC) has embarked on an ambitious drive to expand crude production capacity and has invited tenders from international oil companies for a big number of exploration blocks. But due to the sanctions imposed by the Security Council and the pressure exercised by the U.S. Administration, foreign oil companies are quite reluctant to make big investments in the Iranian oil sector.
Recently NIOC has announced additions to its production capacity, i.e. 25,000 b/d from Azadegan and 35,000 b/d from Khesht and 72,000 from the Reshadat redevelopment.Source : in.news.yahoo.com
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