facebook
twitter
rss
account
search
search
 

Iran working to stimulate oil production

Sept. 9, 2013 at 7:57 AM   |   Comments

TEHRAN, Sept. 9 (UPI) -- The Iranian government aims to overhaul the way it drafts oil contracts in an effort to increase production, the oil minister said Monday.

Iranian Oil Minister Bijan Zanganeh said he would work to lay the groundwork so Iran could cooperate better with international oil companies. He said he was determined to hit a target rate of 4 million barrels per day for oil production during his term, which began last month.

The Organization of Petroleum Exporting Countries said in last month's market report Iran produced approximately 2.6 million barrels per day in July.

"Our position in OPEC has been weakened and the only way to boost it will be to increase production capacity, actual production level," he was quoted Monday as saying by the Oil Ministry's Shana news website.

Zangeneh said he was working to revise oil contracts in an effort to stimulate recovery from Iranian oil production.

"Structural changes to oil contracts are aimed at increasing recovery rate of the existing reservoirs," he said.

Iran was once the No. 2 oil producer among members of OPEC. It's fallen to the No. 6 spot.

© 2013 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
Most Popular
1
Navy tests MQ-8C unmanned helos Navy tests MQ-8C unmanned helos
2
Europe must drop the euro, Germany abandon mercantilism Europe must drop the euro, Germany abandon mercantilism
3
Harris selected for geospatial data products Harris selected for geospatial data products
4
Sweden plans to replace its Defense and Security Export Agency Sweden plans to replace its Defense and Security Export Agency
5
Throwback Thursday: Facebook launches old-school 'Rooms' app Throwback Thursday: Facebook launches old-school 'Rooms' app
Trending News
Around the Web
x
Feedback