Ali Kardor, managing director of National Iranian Oil Company (NIOC), said Iran will reach an oil production rate of 4.5 million barrels per day (bpd) within five years.

Currently, Iran's output stands at around 3.8 mbd.

Iranian gas production will reach 1.3 billion cubic meters per day and production of gas condensate will reach 864,000 bpd in the next five years, Kardor said.

The boost in oil production will come from an increase of 420,000 bpd from the West Karoun oil field and an additional 280,000 bps from oil fields in central and southern Iran as well as the Iranian Offshore Oil Company (IOOC), Mr. Kardor said.

Oil exports are expected to reach up to 2.5 million bpd within five years, Kardor added.

The increase in gas production is expected to come from South Pars, the world’s largest gas field, according to Kardor.

The official also said that production of liquefied petroleum gas (LPG) will increase to 10.5 million tons/year and ethane output of the country will grow to 8.8 mt/y.