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NIOC Attracts $25 B in Upstream Sector

Source: 4/28/2013, Location: Asia

During the last Iranian calendar year to March 2013, 25 billion dollars were invested in upstream sector, which is a record.

Managing director of National Iranian Oil Company (NIOC), Ahmad Qalebnai made the remarks in a conference held yesterday here adding ‘this amount of investment took place despite sanctions’.

Addressing the conference named ‘Defining Petroleum Ministry Oil Policies for the Year of 1392’, Qalebani said that domestic resources of NIOC accounted for 4.6 billion dollar of investments while the remainder were provided through finance, foreign participation, buyback and Central Bank of Iran (CBI) resources.

‘In last year 2 billion barrels of oil were discovered, hydrocarbon reserves rose to 156 billion barrels of oil, the number of drilling rigs increased to 136, on the surface oil facilities were modernized, natural gas production rose to 622 million cubic meters per day on average and 750 million cubic meters during the days of peak consumption’ NIOC top executive said.

‘Early production from Yadavaran oil field, finding out Sardare Jangle oil field in Caspian Sea, gathering associated gases of Nargesi oil field and launching gas storage facility in Serajeh, near Qom with the contribution of National Iranian Gas Company (NIGC) are among the other activities of NIOC during the last year.

Managing director of NIOC continued that last year various contracts were signed including contracts related to development of Zagheh, Changuleh and, Mansouri oil fields and development of Kish gas field in two phases. He said NIOC will expand its activities this year, which has been dubbed ‘The Year of Political and Economic Epic’ by the Supreme Leader of the Islamic Revolution, mostly including exploitation of South Pars gas field phases 12, 15, 15, 17 and 18.

He noted daily gas production capacity of the country will rise by at least 100 million cubic meters this year.

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Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 

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