NIOC head:

Domestic oil output to hit 6mn bpd by 2022

News ID: 4110888 -
TEHRAN, Oct. 11 (MNA) – Head of National Iranian Oil Company (NIOC) said volume of the country’s oil production was expected to climb to approximately six million barrels per day by the year 2022.

Ali Kardor, while addressing a congress in Tehran, made the announcement adding “the envisaged objective is obtainable in case recovery rates are maximized and foreign investment and know-how are attracted.

On holding international oil tenders, the official said technical models were still being received and analyzed. He noted that the tender for development of Azadegan field would not be held in the year 2017 asserting “a consortium will be formed for the purpose.”

Without naming the companies eager to join the consortium, the official said some firms were seriously pursuing negotiations over the Iranian field.

Deputy oil minister later touched upon the change in policies of the US explaining that the issue has so far had no effect on global conditions.

“Chinese and Europeans have made no reactions to remarks by US President Donald Trump and are still willing to hold talks with Iran,” he continued.

Kardor later stated that oil and gas projects in Iran enjoyed high levels of profitability and had appropriate conditions.

He recalled that the country’s crude output level had been six million barrels prior to the Islamic Revolution adding “regaining the production figure now seems attainable thanks to measures taken over the past two years like increasing recovery factors and market reactions though foreign technology and investment also needs to be absorbed.”

Ali Kardor reiterated that NIOC had put expansion of joint field high on agenda in a bid to boost production levels in these fields.

Iran’s overall crude output now resides at 3.9 million barrels per day while any larger figure demands development of oil fields and implementation of plans to bolster recovery factor.

Iran’s crude production capacity is projected to reach six million bpd by the end of the 6th five-year development plan to 2022.

Iran shares South Pars, the world’s largest natural gas reserve, with Qatar in Persian Gulf waters.

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