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Oil, Gas Condensate Exports Beat Projections

Oil, Gas Condensate Exports Beat ProjectionsOil, Gas Condensate Exports Beat Projections

During the past five months exports have jumped eight percent compared to prior projections, deputy oil minister for planning said, adding that the boost in the oil industry has underpinned economic growth in the current year.  

Among the reasons contributing to the oil industry’s growth, is a 40 percent increase in gas production compared with the previous year, and this is attributable to the distribution of gas from phase 12 of the South Pars gas field, the official said, Shana reported.

“Further production of crude oil and gas condensate is possible,” the official said in an interview with Fars news agency. “Exports will increase as soon as the sanctions are lifted.”

The oil ministry is putting pressure on seven phases of the South Pars field to bring them into production as soon as possible. These phases are receiving extra supervision, with the oil minister paying them a visit every week.

Exports of crude oil and gas condensate have increased by eight percent in the past five months.

Financialtribune.com