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NIOC Targets 4mbpd Crude Output by September

NIOC Targets 4mbpd Crude Output by SeptemberNIOC Targets 4mbpd Crude Output by September

Iran's crude production capacity will reach 4 million barrels a day by September, matching its output levels last seen before the tightening of western sanctions in 2011, head of the National Iranian Oil Company said on Wednesday.

Ali Kardor says there are plans to boost crude exports to 2.8 million barrels a day under a five-year plan, when oil production will have reached 4.5 million bpd, Mehr News Agency reported.

Under the sanctions regime, oil production dropped to around 2.5 million bpd, with exports at slightly above 1 million barrels.

Kardor added that bulk of the growth in production will come from developments in joint oilfields of Yadavaran and North Azadegan in Khuzestan Province as per the Oil Ministry’s plans on prioritizing shared fields for regaining market share.

“In the long run, plans call for ramping up production to 4.5 million bpd by 2021, while exports will reach 2.8 million barrels a day,” he said.

Oil Minister Bijan Namdar Zanganeh said last month that Iran is planning to boost crude production to 5.8 million bpd in five years, including 4.8 million bpd of heavy crude and 1 million barrels of condensates.

Kardor also underscored that Iran has held negotiations with 23 international oil and gas companies after sanctions were removed in January, adding that so far, 11 memoranda of understanding have been signed with European and Chinese firms.

Financialtribune.com