Increased Output at Heavy Crude Fields Could Offset the Decline of Existing Fields

摘要

Iran is facing a rapid decline in the output of its mature oil fields. Only very recently, the executive in charge of the development of heavy and ultra-heavy crude fields at Petroleum Engineering and Development Company, Mr. Bahman Samimi Sedeh, indicated that the rate of decline at existing fields was estimated at 10% to 15% a year. Questioned by the Shana news agency, which is an arm of the Iranian Oil Ministry, Mr. Samimi explained that the development of heavy crude fields was one of the priorities of the Iranian authorities' energy agenda and that the objective of National Iranian Oil Company (NIOC) was for this to offset the decline in the reserves of light crude.