Crude Exports From Siri Generate $2.3b

Crude Exports From Siri Generate $2.3bCrude Exports From Siri Generate $2.3b

 Crude oil exports generate from Siri Island in the last Iranian year (ended March 2014) reached 23 million barrels, generating $2.3 billion in revenues for the country, said a senior official.

"Siri's crude oil production capacity is 150,000 barrels per day, however; our current production stands at 68,000 barrels per day." Reza Haghighi, operational head of the Siri oil fields told IRNA on Saturday.

The oil and gas produced in the Siri oil fields are dispatched to two oil production plants also with a matched 150,000 barrels per day capacity.

"The below capacity production rate can be attributable to pressure-reduction in the oil fields, budget deficit for field development, and withholding production potential" Haghighi said, adding: "granting large oil contracts to under-qualified contractsor during the past years is another reason for the production shortfall.'

To increase production, four horizontal wells have been drilled in the Alvand oil field, which have added an additional 7,000 barrels to the production capacity of the area, noted Haghighi.

Siri island is situated 76 km from Bandar-e Lengeh and lies 50 km west of Abu Musa island in the Persian Gulf.  It consists of Alvand, Nosrat, Dena, Sivand, and Ilam oil fields.