TEHRAN March 03(Shana)–The Managing-director of the National Iranian Oil Company (NIOC) said Iran’s crude oil production capacity stands at 4 million barrels a day.
Addressing a national congress on the drilling industry here in Tehran on Tuesday, Roknoddin Javadi said the country’s output stands at a much lower level as a result of the international sanctions on Iran’s oil industry.
He said Iran’s crude oil output is expected to plateau at 4.7 mb/d by the end of the 5th development plan.
Javadi said Iran poised to start deep-water drilling operations in the near future.
Javadi added that 50% of the rigs in Iran are being operated by private entities while prior to the Islamic Revolution all the rigs were handled by foreign companies.