Iran’s Oil Output Capacity Increases 40% in 2 Years: Oil Minister
TEHRAN (Tasnim) – Iran’s oil minister said Iran’s oil production capacity has increased 40 percent with the rise in investment in semi-finished oil projects.
Since the beginning of the administration of President Ebrahim Raisi (August 2021), increasing investment opportunities in the oil industry’s projects has been prioritized as one of the key factors at the Ministry of Oil, Javad Owji said.
He pointed out that the daily crude oil output volume reached from the previous 2.2 million barrels of oil per day (bpd) to over 3.1 million bpd, citing it as a source of pride for the Oil Ministry.
Elsewhere in his remarks, Owji pointed to the investment made in the gas sector and added that the gas production volume has increased by 40 million cubic meters in the first five months of the current Iranian calendar year (March to August 2023).
Referring to the production of between 7 and 10 million cubic meters of gas from South Pars Phase 11, he added that gas production in this phase will reach 50 million cubic meters in the future with the increase in the number of wells.
This is while Iran is now under the most severe and cruel sanctions and Iran’s rival in the joint field i.e. Qatar is producing gas without any restriction, he said, adding, “It is interesting to know that, relying upon the assistance of God and unsparing efforts of industrious personnel and engineers of the ministry, Iran’s gas production now exceeds that of Qatar in this field.
