Iran plans for giant leap in oil industry: Official

SHANA — Iran says it is gearing up efforts including study of its oil reserves to ramp up the country’s crude oil production, a senior Iranian oil official says.

Addressing a conference here in Tehran on Wednesday, Gholamreza Manouchehri, deputy for development and engineering at the National Iranian Oil Company (NIOC), said plans are under way to study all the country’s oil and gas reserves with a direct order by Iranian Minister of Petroleum Bijan Zangeneh.

He said consultation of domestic and international advisors in this regard would lead to a leap in developing the country’s oil industry.

The official said that natural gas enjoys a 70% share in the country’s energy mix, adding Iran has planned massive investments in oil industry.

He said enhancing production rate of brownfields is a priority for the industry in this regard.

“Studies by foreign companies indicate that Iran can ramp up its crude oil output by 3 million barrels a day,” the NIOC executive added.

“We expect foreign companies to provide us with finances and technologies in a short periods of time.”