Iran Oil Revenues Hit $51b

Iran’s revenues from oil exports stood at $51 bln in the year to March 2007, showing a 17-percent increase from the figure for the preceding year. Based on a report from the Government Information Bureau, the country exported 2.4 mln barrels of oil per day on average during the period, indicating an increase of over 1.72% compared to the amount recorded the previous year, PIN reported.

According to the report, the value of oil deals signed from Aug. 23, 2005 to March 20, 2007 stood at $37.9 bln. Iran invested $14.2 bln in the oil industry the year earlier, showing a 9.1% growth compared to the figure for 2005.

Iran’s crude production capacity has increased by 51,000 barrels per day (bpd) and a number of fields and reserves with 3.5 bln barrels of crude oil have been explored.

The National Iranian Drilling Company (NIDC) has increased its fleet to 24 onshore and offshore rigs and has rented 11 more. The explored gas reserves hold 1.7 trln cubic meters of gas.

Gasoline production in domestic refineries grew by 8.9% and once the ongoing projects come on stream, daily gasoline output will increase to 126.5 mln liters by 2011.

The value of petrochemical products exported from Aug. 23, 2005 to March 20, 2007 indicated a 50% growth when compared to the figures for the previous 18 months.

Petrochemical output has increased 28.5% and six petrochemical complexes, the largest of their types in the world, have been officially inaugurated or are ready for commissioning in the first half of the current Iranian year to March 2008.

Since the government took office in August 2005, investment in development plans of South Pars field has increased by 38 percent.

Domestic natural gas refining capacity has risen by 16% and the number of villages using natural gas has increased by 89% in the past 18 months.