Iran to export 2.5 mb/d oil after sanctions

News ID: 2860099 -
TEHRAN, Jul. 15 (MNA) – Iran’s petroleum minister recounted the readiness of Iran’s oil industry to return to pre-sanctions production.

On the sidelines of the cabinet session today, Iran’s Oil Minister Bijan Namdar Zanganeh told reporters the country has already carried out necessary tests to increase production from its operating fields and the necessary measures are being taken to meet up with the post-sanctions market.

Zanganeh recounted that simultaneous with the removal of sanctions, Iran’s production will increase 500K barrels a day and within six months the total exporting output of Iran will reach 2.5 mb/d.

The minister also boasted having plans for all gas and oil fields of Iran, which would be put into practice whether by Iranian companies or by international giants, adding that there are many international companies who are seeking contract with Iranians.

He also voiced hope for $70 billion annual export of petrochemicals after the country’s success in nuclear talks.

In response to questions on foreign companies' share-seeking in Iran’s oil industry, Zanganeh referred to next Monday visit of German Vice-Chancellor to Tehran for developing economic ties with Iran.

Earlier, before the agreement being achieved in Vienna, the Iranian minister had talked about serious plans underway to increase Iran’s gas production to as high as 200 million cubic meters per day before April 2016 and now with the removal of sanctions in prospect, things would proceed much faster.

Currently, out of Iran’s daily production of around 2.7 million barrels of oil about 1 million barrels are exported and sanctions have put some fields offline which will return to production line after the removal of sanctions.  

According to Iranian oil and gas industry officials, Iran has been able to make significant progress in its oil industry in face of sanctions as exemplified in country’s ability to bring several projects in South Pars gas field on stream.

 

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