“The Petroleum Ministry’s first program is to increase crude oil and gas condensate [production] capacity. To that effect, crude oil production should increase by 700,000 b/d,” the minister told lawmakers.
Zanganeh said Iran’s oil production will reach 5.7 mb/d in three years, up 2.5 mb/d from now.
The minister also said plans are under way for natural gas production and exports from the fields shared with neighboring countries.
“To that effect, we will increase production from South Pars [gas field] and export gas through pipeline,” he said.
Zanganeh said Iran’s natural gas production is planned to reach 1 bcm/d in four years so that Iran would be able to export 80 bcm a year of gas in 2021.
The minister said petrochemical production and exports are among other plans of Petroleum Ministry to avoid crude oil selling.
“We aim to bring the petrochemical production capacity from the current 25 billion dollars to 80 billion dollars a year in 2021 in order to show off in the region and in the world,” he said.
Zanganeh said the objective is to bring the capacity of oil refineries to 2 mb/d and that of gas condensate refineries to 1 mb/d.
“We are making efforts to bring the country’s refining capacity from 1.8 to 3 mb/d,” he said.
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