Iran plans to restore 20 inactive oil wells by Jan. 20

TEHRAN,Dec.25 (MNA)--Iranian Oil Minister Rostam Qasemi instructed the oil industry’s research center for putting 20 inactive oil wells into operation by the end of the tenth calendar month of Dey (January 20), the oil industry’s research center director told. Vahid Haddadi-Asl added that some 1,500 inactive oil wells are scattered across the country. If we manage to revive just a single inactive well to produce 1,000 barrels of oil per day, we have, in fact, done a significant job, he added. "The oil industry's infrastructure needs more than 500 trillion rials (about 50 billion U.S. dollars) of investment to achieve Iran's 20-year economic perspective plan goals," Rostam Qasemi said in August. “By the end of the fifth development plan (2015), the country’s oil production must increase to 5.2 million barrels per day (bpd) and this should happen from the country’s joint fields,” Qasemi said. Crude oil production in Iran in 2010 totaled 4.3 million barrels per day - up 46,000 bpd from its 2009 production of 4.2 million bpd - an increase of 1.1 percent, according to Middle East Economic Digest (MEED) magazine.