Iran to resume oil, gas tender offers

TEHRAN,Jan.10(MNA)--Iranian Oil Minister Rostam Qasemi ordered for resuming oil and gas tender offers to national and international companies after a three-year stop. The latest tender-based deal was signed in April 2008 with a Croatian company for carrying out exploration and development operation at the Moghan 2 block, northwest of Iran. Iran’s fifth five-year development plan (2010-2015) has envisaged boosting the country’s gas production by 250 million cubic meters per day to reach 1.4 billion cubic meters per day. An official with the National Iranian Oil Company has stated that the country’s natural gas reserves will last up to 100 years. Mohammad-Ali Emadi said that according to Iran’s fifth five-year development plan (2010-2015), the country’s gas production capacity should increase by 250 million cubic meters per day. He also said that Iran’s crude oil reserves will end by the next 50 years, adding that the country’s oil output would rise by one million barrels per day by 2015. The official went on to say that the country’s oil deposits are recoverable by 29 percent on the average. Iranian oil minister Rostam Qasemi has announced the country’s recoverable oil reserves stands at 154.8 billion barrels. Qasemi said that the new explorations have increased the amount from the previous figure of 151 billion barrels. Iran sits on the world's second largest natural gas reserves after Russia.