TEHRAN -Iran is planning to boost oil production at offshore fields located in the Persian Gulf to 500,000 barrels per day (bpd) in the current Iranian calendar year, which began on March 21.The country will invest $2 billion to increase production at Salman, Hengam, Forouzan, and Reshadat oilfields in the Persian Gulf, the Mehr News Agency quoted National Iranian Oil Company Official Moshtaq-Ali Gohari as saying on Wednesday.
Irans offshore oil output is projected to hit 700,000 bpd by the next three years through developing new oilfields and increasing output of the existing ones, the official added.
On April 12, Iranian MP Ali Marvi quoted Oil Minister Bijan Namdar Zanganeh as saying that Iran will increase its crude oil output to 5.7 million barrels per day by the end of Iranian calendar year 1397 (March 2019).
On April 6, Zanganeh said Iran forecasts an increase in its crude oil and natural gas production in the current Iranian calendar year.
Irans crude oil output is forecast to increase by about 200,000 barrels per day to 4 million barrels per day, and its daily natural gas output is forecast to increase by about 100 million cubic meters per day to 400 million cubic meters per day, the minister explained.
The country is currently exporting about 1.2 million barrels per day of oil and has earmarked 1.5 million barrels of daily sales in the national budget for the year 1393, he added.
By holding 157 billion barrels of recoverable crude oil reserves, Iran possesses the worlds fourth largest reserves of crude oil.
By Tehran Times
The Iran Project is not responsible for the content of quoted articles.
