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| Iran Can Raise Oil Output By 1 Million Bpd In Three Months: NIOC Official | |
| 2013-08-21 | |
"Iran can, under a crash program, raise its crude oil output by at least one million barrels per day in less than three months by applying Enhanced Oil Recovery (EOR) techniques," Director for Research and Technology at NIOC Mohammad Ali Emadi said on Tuesday. "Given the 25-percent average recovery rate in [Iran's] oil reservoirs, it will be possible to reach the potential oil production ceiling of the country," he added. Emadi noted that Iran can easily enhance its oil production in the short and long terms. On August 16, new Iranian Oil Minister Bijan Namdar Zanganeh said Iran's oil production must exceed four million bpd for the OPEC member to tackle US-engineered sanctions. Iran sits atop more than 96 billion barrels of in-place oil in the Persian Gulf. The country envisages a one-percent recovery enhancement from its oil deposits by 2015 when the Fifth Five-Year Economic Development Plan ends. With 137.6 billion barrels of proven reserves, the Islamic Theocratic Republichas the world's fourth largest crude reserves. | |
| Posted by:trailing wife |
| #4 From a year ago, yeah they can raise production by a million bpd, the same amount they reduced it by a year ago.... Swamped With Unsellable Oil, Iran Stores It on Ships With ever-tighter sanctions clamping down on Iran, the oil-rich nation is finding itself awash with oil it simply cannot sell, reports the New York Times. Iran has already reduced production by 1 million barrels a day to 2.8 million, but reducing production too much could damage its wells, and the surplus oil has quickly filled its 10 million barrels of holding capacity. Iran has turned to storing about 40 million barrels of oil in ships in the Persian Gulf while it rushes to boost storage capacity on land. Around 65 tankers have been repainted to conceal their true identities while Iran desperately seeks oil buyers. |
| Posted by: Marilyn (I had a Sex Change) Bourbon6503 2013-08-21 09:43 |
| #3 Then what? Run out faster? Go for it. All the way to nothing. Sell out and starve. |
| Posted by: Redneck Jim 2013-08-21 09:40 |
| #2 A timeframe of 90 days is a bit optimistic to say the least. |
| Posted by: Besoeker 2013-08-21 06:54 |
| #1 Not impossible, at least in theory. Iran's output isn't what it could be under normal conditions. |
| Posted by: European Conservative 2013-08-21 04:03 |