19 April 2014 - 14:15
  • News ID: 215372
Iran to Raise Oil Output to 4.7 mb/d in 2017

TEHRAN April 19 (Shana)--Iran’s Petroleum Minister Bijan Namdar Zanganeh said Iran will be able to raise its crude oil production to 4.7 mb/d in 2017.

“I’m convinced that in [the Iranian calendar year] 1396 (to start in March 2017), we will be able to increase our crude oil and gas condensate production capacity to 5.7 mb/d (4.7 mb/d of oil and 1 mb/d of condensate),” Zanganeh said.

The minister said four oil fields located in western Iran – North Azadegan, South Azadegan, Yadavaran and Yaran – will account for 700,000 b/d of the country’s oil production.

He said 480,000 b/d of gas condensate is also to be processed by mini-refineries that would be built by the private sector in South Pars.

Zanganeh said Iran is also able to bring its gas production up to 1 bcm/d by 2017.

He said Iran plans to export 90 bcm of gas to Turkey, Europe, Iraq, Pakistan and south of Persian Gulf by 2021, adding that the country’s refining capacity would reach three million barrels.

The minister welcomed relief sanctions following Iran’s nuclear deal with world powers. “Currently, important moves are under way in the foreign policy as sanctions imposed by Western governments are eased. Therefore, we have to get ready for important work,” he said.

Zanganeh said Iran has to increase its production capacity, enhance recovery from fields and conduct more exploration operations particularly along its borders. 

News ID 215372

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