TEHRAN May 10(Shana)–Oil fields in West Karoun region in southwestern Iran are expected to increase the country’s oil production capacity by 700,000 b/d, Iran’s petroleum minister said.
“By developing West Karoun fields, the country’s oil production capacity would increase 700,000 b/d in three years,” Bijan Zangeneh said.
He said that development of West Karoun fields would continue even if sanctions are not lifted on Iran. “In case the sanctions are lifted development of West Karoun fields would pick up speed and would cost lower. But continuation of the sanctions does not mean a halt and the work will continue in full force,” he added.
Zangeneh said Iran’s gas production increased 120 mcm/d in the last calendar year which ended on March 20.
He said that Iran is to start pumping natural gas to Iraq in the current year.
The minister also said that Iran’s ethane production would increase by one million tons this year.
Zangeneh said $7 billion was invested by foreign investors in Iran’s petrochemical projects last year.