Rokneddin Javadi, managing-director of National Iranian Oil Company (NIOC), said this output hike would be achieved by investing in West Karoun oil fields in southwestern Iran.

He said that “Iran’s oil exports currently comply with OPEC data”, adding that Iran has not stored much oil on sea.

Javadi said NIOC envisages producing 5 mb/d of oil and 1 mb/d of gas condensate by the end of the Sixth Economic Development Plan (2015-2020).

Regarding rich gas production, he said that Iran’s gas output should reach 1.3 bcm/d, which would be double the recent production.

Under the fifth development plan, Iran’s potential crude oil production capacity reached 3.8 mb/d which should reach 3.96 mb/d next March, said Javadi.

He said 80 onshore and 40 offshore drilling rigs are being operated to help NIOC realize its production objectives.