Tehran, Nov 20, IRNA-Iran's daily crude production capacity will rise to seven million barrels per day and its natural gas production to 1.565 billion cubic meters by 2014, said Deputy Oil Minister Gholam-Hossein Nozari here on Monday.
Addressing the 11th international oil and gas conference dubbed 'Recent Developments in the World's Oil and Gas: Challenges and Opportunities', Nozari said National Iranian Oil Company now has the capacity to produce about 4.3 million barrels per day oil and 500 million cubic meters per day natural gas for sale in the Asian, west European and African markets.
Nozari said Iran's in-situ oil reserves stands at 740 billion barrels and its recoverable oil reserves at 137.5 billion barrels.
Elsewhere in his remarks, he highlighted the need for investment in the oil industry and said that to attract more capital, the buy-back contracts would undergo amendment.
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