NIOC’s Limited Processing Capacity Not Proportional to Massive In-Place Reserves

Although the National Iranian Oil Company has boosted its natural gas and crude processing capacity over the last two years, both oil and gas sectors are in dire need of further investment to guarantee the country's energy supply in the future, the oil minister said.
"NIOC’s low oil and gas output is not proportional to the country’s enormous in-place oil reserves," ILNA quoted Javad Owji as saying.
The company’s daily oil and gas production has surpassed 3 million barrels and 1 billion cubic meters respectively, he added, noting that Iran’s extractable oil and gas resources stand at 154 billion barrels and 33 trillion cubic meters respectively.
“Despite having access to huge hydrocarbon reserves, lack on investment has caused the oil and gas industries to lag behind.”