Abstract
For a country with supposedly the third largest proven crude oil reserves in the world and the fifth largest oil exporter, the prospect of ceasing to be a major oil exporter by 2015 might seem like a nightmare scenario. Yet, already Iran is looking at the future of its oil industry with mounting trepidation. In the face of steadily declining production capabilities of its major onshore oilfields, deteriorating well reservoirs from past over-production, fast-rising domestic consumption and shortage of reserves and investment funds, Iran is under mounting pressure to remedy the situation if it is to avoid being relegated to the ranks of small oil exporters by 2015.
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