Currently, the country faces no limitations to increase oil output 500,000 barrels per day, said Rokneddin Javadi.
Expressing satisfaction over the removal of the embargoes on oil sector, he added that at present, the country is provided with an opportunity to accelerate its development.
Referring to some of the positive outcomes of the lifting of the sanctions for the oil industry, he said in the post-JCPOA era, NIOC plans to raise crude exports, receive late payments and speed up implementation of its development projects by guaranteeing inflow of foreign funds and importing modern technologies.
NIOC is fully prepared to boost oil output and exports, he said, adding, “Currently, we are studying problems faced by domestic banks to this end. Once they are resolved, production and overseas sales of crude will increase.”
Given that the sanctions are steadily being lifted, NIOC is expected to sign its first new oil export contract by September, CEO added.
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