Iran’s oil minister, Javad Owji, stated at a convention of fuel exporting international locations in Algeria that the $70 billion funding will improve Iran’s day by day fuel manufacturing from about 1.07 billion cubic meters over the following 5 years. claimed to extend to 1.3 cubic meters. 1 billion cubic meters.
His assertion on March 3 about fuel manufacturing of greater than 1 billion cubic meters contrasts along with his assertion the day earlier than, when he stated the nation’s whole fuel manufacturing for the total 12 months 2022 was 240 billion cubic meters. 675 million cubic meters. This determine is in keeping with worldwide statistics and the regime’s official statistics.
Furthermore, in accordance with paperwork from the Iranian National Gas Company, the overall quantity of fuel equipped to the nation’s fuel community from March 21 to July 23, 2023 was roughly 642 million cubic meters per day. Ouge due to this fact declared that the nation’s fuel manufacturing stage was 42 % larger than the precise determine.
Reuters additionally reported on Owzi’s claims, saying Iran is anticipated to face a fuel scarcity of 300 million cubic meters per day within the coming years.
Currently, Iran’s common day by day fuel scarcity is round 150 million cubic meters, however this determine doubles in winter.
Owzi’s $70 billion funding declare comes at a time when Iran’s common annual funding within the nation’s oil and fuel fields in recent times has been simply $3 billion.
Official statistics from the Ministry of Economy additionally present that the amassed debt of Iran’s National Oil Company, which is chargeable for investing in oil and fuel fields, has reached an astronomical quantity of 16,830 trillion rials (roughly $28 billion) by 2021. There is.
This determine is calculated based mostly on right this moment’s greenback alternate charge, however the greenback value in 2021 was a lot decrease than this quantity.
Previous stories have highlighted that Iran’s National Oil Company’s debt has elevated to greater than $80 billion, making it essentially the most indebted authorities company.
Owji’s claims about elevated manufacturing are questionable, because the Iranian arm of the South Pars fuel area, which accounts for 70% of the nation’s fuel manufacturing, is within the second half of its operations this 12 months. The stress within the oil fields would drop by 7 atmospheres yearly, leading to a lack of 10 billion cubic meters of manufacturing per 12 months.
In February 2024, the National Development Fund introduced in a report that home fuel demand will virtually double by 2041, reaching greater than 510 billion cubic meters per 12 months. However, over the identical interval, the nation’s fuel manufacturing is anticipated to say no by 25% to lower than 180 billion cubic meters, or 450 million cubic meters per day.
The report says the nation’s fuel manufacturing ranges in 2041 will solely meet “one-third” of home demand.
Ouji traveled to Algeria with President Ebrahim Raisi to attend a gathering of fuel exporting international locations.
Owzi additionally stated that Iran’s annual fuel manufacturing development has exceeded 5% in recent times, and that official figures present that Iran’s fuel manufacturing development in 2022 can be just one%, with knowledge for 2023 not but accessible. He claimed that it was inconsistent with statistics and worldwide statistics.