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Iran's total oil production reached a peak level of 6.6 Mbbl/d (1,050,000 m 3 /d) in 1976. By 1978, Iran had become the second-largest OPEC producer and exporter of crude oil and the fourth-largest producer in the world. After a lengthy decline in the 1980s, production of crude oil began to increase steadily in 1987.
Apart from these considerable reserves, from the outset of oil industry in Iran in 1908 to the end of 2007, Iran produced some 61 billion barrels of oil. [2] Iran has more than a century of history in exploration and production; the first successful exploration well was Masjid Suleiman-1 on May 26, 1908. Since then, based on the latest oil and ...
The vast majority of Iran's crude oil reserves are located in giant onshore fields in the south-western Khuzestan region near the Iraqi border. Overall, Iran has 40 producing fields – 27 onshore and 13 offshore. Iran's crude oil is generally medium in sulfur and in the 28°-35 °API range. [24]
Gasoline production would reach 70 million litres (18,000,000 US gallons; 15,000,000 imperial gallons) per day in 2013. [9] In 2008 Iran has imported nearly 40% of its market needs because of lack of refining capacity and contraband. [citation needed] In 2009, Iran spent paid $11 billion on imported fuel.
Iran has the second largest oil reserves in the world, and the third largest exporter of it. [citation needed] By the end of 2009, Iranian oil R/P ratio was 89.4 years which is the world's highest. [29] By 2009, Iran had 52 active rigs and 1,853 producing oil wells. [30] Iran possesses abundant fuels from which to generate energy.
Iran's total revenues from the sale of oil amounted to $77 billion in Iranian year 1387 (2008–09). [13] The average sale price of Iran's crude oil during that year was $100 per barrel. [13] According to the National Iranian Oil Company, Iran's average daily production of crude oil stood at 4 million barrels (640,000 m 3) per day.
A further decline in production occurred as result of damage to oil facilities during the Iraq-Iran war. [268] Oil production rose in the late 1980s as pipelines were repaired and new Gulf fields exploited. By 2004, annual oil production reached 1.4 billion barrels producing a net profit of $50 billion. [269]
Present average gas and condensate production of the company is 250 million cubic meters per day and 74 thousand barrels per day, respectively. Maximum gas and condensate production of the company in 1388 (2009–2010) stood at 255 million cubic meters per day and 76.5 thousand barrels per day, respectively. [5]