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EghtesadOnline: Gas production in South Pars will fall as of next seven years, Managing Director of National Iranian Oil Company (NIOC) Ali Kardor said on Saturday.

'The neighbors have already developed the shared gas fields. So, we should expedite extraction from joint fields,' said Kardor in a meeting with a group of the oil and gas industry officials.

According to IRNA, he said one of the main problems of the NIOC is tiny recovery coefficient of certain oil reserves. 'Regarding our oil and gas production targets, we should concentrate our efforts on increasing recovery from the fields now operating.'

'We should admit that four million bpd output is not an appropriate capacity for economic jump of the country and the amount should be increased.'

'Crude sale avoidance is a good agenda but is not in contrast with more exploitation of the current capacity and efforts to raise the output. We hope that such a goal can be addressed through definition and completion of the downstream industry.

Attaining the upstream oil industry goals in the sixth five-year economic development plan will be possible through more than 100 billion dollars investment and nine percent growth in the oil industry by end of the sixth five-year plan will be possible just through joint investment.'

NIOC Ali Kardor South Pars Iranian gas