Iran’s oil output to reach over 4m bpd by yearend: NIOC chief

TEHRAN, Aug. 22 (MNA) – Stating that Iran is ready for the maximum gas swap, Chief Executive of the National Iranian Oil Company (NIOC) said that oil production capacity will reach more than 4 million barrels of oil per day (bpd) by the yearend.

Mohsen Khojasteh-Mehr CEO of NIOC made the remarks on Monday evening and stated that country’s oil production output will hit more than four million barrels of oil per day by the yearend (March 20, 2023).

He expounded on the salient advantages of the gas transfer plan to Kish Island and noted that supplying gas to two power plants on Kish Island, business prosperity, social welfare and important indicators of social responsibility are of the salient achievements of this significant national plan.

By saving about one million liters of oil and gas per day and non-optimal use of about 7,000 tons of Liquefied Petroleum Gas (LPG) in Kish Island, this plan can have an export profitability for the country, he said, adding that capacity of electricity generation and production of fresh water will also increase with the launch of this project.

Elsewhere in his remarks, Khojasteh-Mehr pointed to the decision for importing gas from Russian Federation into the country and stated that trade of gas is the main objective of the country in this respect.

Regarding the current production capacity of oil and planning for increasing output capacity in case of reaching an agreement on JCPOA, NIOC chief said, “As previously announced, the daily oil production capacity of the country stood at 3,838,000 barrels last year (ended March 20, 2022), expandable to more than four million barrels of oil per day by the end of the current year."

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News Code 190522

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