Strictly: Drilling and oil-field services Message Board

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Gold/Mining/Energy : Strictly: Drilling and oil-field services

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To: Second_Titan who wrote (77912)	11/5/2000 11:24:55 AM
From: BigBull	Read Replies (1) of 95453

Iran to increase production capacity irna.com thr 035 Oil-Hosseini Iran signs 12 major oil, gas contracts in last five years Tehran, Nov 5, IRNA -- Deputy Oil Minister for International Affairs Mehdi Hosseini said here Sunday that over the past five years 12 major contracts, worth dlrs 15 billion, had been signed with foreign companies for development of Iranian oil and gas fields. Hosseini told the 5th annual international conference on `The Impact of the Middle East/Caspian Oil on Global Energy Markets that volume of investment, including peripheral expenditures, was more than dlrs 20 billion. He said Iran's experience in production of oil and easy access to crude oil were among important incentives for attraction of foreign investment. He predicted that the revenue gained from the buy-back based investment in the projects would exceed dlrs 10 billion by the year 2005. He said in light of the projects Iran's oil production capacity would increase by 350,000 barrels per day and the amount of liquid gas obtained from these fields will increase to 300,000 barrels a day. He added that Iran has finalized contracts with international companies for development of the oil and gas fields and the contract is now ready for endorsement. In light of the projects Iran's oil production capacity would increase up to one million barrels a day, he said. Hosseini said Iran's drive for development of gas fields are among basic measures for expansion of exports and replacing oil fuel with gas. He said once projects for development of gas fields are operational, Iran's gas production capacity would triple by the next five years. Hosseini said Iran would pioneer the world oil industry with respect to discovery of giant oil and gas fields in different parts of its territory over the past few years and government's policy to invest in the sector. Elsewhere in his speech, Hosseini said the U.S. has imposed sanctions on 65 countries but in the case of Iran it has been defeated to the effect that other countries and various oil companies have defied U.S. threats and embargoes. He said the buy-back based method for investment in the oil industry had been successful. BG/AH/RR End ::irna 05/11/2000 17:21

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