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Iran to increase oil production capacity to 4.3m bpd

Source: Islamic Republic News Agency

Deputy Oil Minister Mansour Moazami said oil production capacity will increase to 4.3 million barrels per day in a near future, noting that by the yearned 100 million cubic meters will also be added to the county's gas production capacity.

Deputy Oil Minister Mansour Moazami

He said the Oil Ministry will also increase gas production capacity by another 100 million cubic meters the next year. He added that gas production will not be faced with the problems it experienced last year.

Speaking on the sideline of a conference on bitumen here, he pointed to the contracts signed for the export of gas to Iraq, Turkey and Oman and said two of the contracts relating to Iraq and Turkey have become operational.

Elsewhere in his remarks Moazami referred to the unprecedented drop in oil price and said he believed the reduction will not be sectional and temporary but will last long.

However, he added, oil price cut will have a big impact on the world economy, including crude oil exporting countries and OPEC member states.

Crude oil exports in the first half of the current year increased by 5% on the basis of the approvals of the budget bill for the year 1393 (2014-2015) while since the beginning of the year (March 21) so far 60 million cubic meters of gas has been produced.

He put the refining capacity of the country at 1.8 million barrels per day which will increase to 3 million barrels per day by the next four years.

Moazami said that the first phase of Setareh Khalij Fars (Star of the Persian Gulf) Refinery with a production capacity of 120 thousand barrels per day will become operational soon.

... Payvand News - 10/27/14 ... --

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