Iran’s Oil Production to Reach 4 Million bpd by Yearend: Minister
TEHRAN (Tasnim) – Iran’s minister of oil said the country’s crude production volume will hit 4 million barrels per day (bpd) by the end of the current Iranian calendar year (to end March 20, 2025).
Speaking in a joint news conference with Government Spokesman Ali Bahadori Jahromi and Head of the Department of Environment Ali Salajeqeh, Javad Owji added that the gas production volume has also increased by 53 million cubic meters/day in the administration of the late President Ebrahim Raisi.
The capacity of storing gas has increased by one billion cubic meters and $23 billion worth of capital was invested for the development of the joint oilfields, Owji stated, IRNA reported.
He also said 153 projects in the up- and downstream sectors, valued at $34 billion, were launched during the administration of the late president.
Elsewhere in his remarks, Owji pointed to Iran’s extraction of gas from the South Pars Gas Field shared with the neighboring Qatar and added that Iran’s gas extraction from the joint field is 100 million cubic meters more than Qatar's.
He went on to say that Phase 11 of South Pars Gas Field was put into operation after 20 years.