A serious energy crisis ahead?

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A serious energy crisis ahead?




by Christophe » 19/08/07, 13:02

Iran's former oil minister warns of serious energy crisis ahead

Ex-Iranian oil minister Kazem Vaziri-Hamaneh, who resigned a week ago, has warned that Iran is at risk of a major energy crisis in the next few years due to rising domestic consumption.

"If energy consumption follows this trend, the country will face a major crisis within 15 years," said the former minister, quoted by the Mehr agency.

He implied that Iran could not increase production enough to meet growing domestic demand.

"The current trend of rising consumption is a disaster for the country," said Vaziri-Hamaneh, who resigned on August 12.

The head of the parliament’s energy committee, Kamal Danyeshar, has pointed to an expected drop in oil production from Iran, the world's fourth largest crude producer.

"Production will drop by 1,5 million barrels per day (bpd) within 10 years for lack of gas injection" in the wells, predicted the official, quoted by the daily Afta-Yazd Sunday.

Iran produces according to the authorities approximately 4,2 million bpd. But, according to the latest figures from OPEC, this production would be 3,8 million.

The Iranians inject gas into their oil fields in order to maintain sufficient pressure there to recover the oil.

However, the rise in domestic consumption of gas and the insufficient production of this hydrocarbon in a country which holds the second proven global reserves of it handicaps oil production.

"The injection of gas into the oil fields should be a priority because they are experiencing an acute drop in pressure," the Parliament Research Center said in a report quoted Sunday by the Etemad-Melli daily.

These gas injections, as well as the delay in production investments in the gas fields and the increase in domestic consumption mean that "apparently there will be no gas available for export in the next 10 years. ", according to the research center.

The Iranian economy is highly dependent on its hydrocarbon exports. Crude oil sales provide some 80% of its foreign exchange earnings, and the country is counting on gas exports, which are currently minimal, to increase its revenues.


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