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Iran Press TV

Iran's oil production above 3.8m bpd

Iran Press TV

Tue Jun 14, 2016 6:8PM

Iran says its oil production has surpassed 3.8 million barrels per day of which about 2 million barrels are exported.

Iran's Oil Minister Bijan Zangeneh told the Parliament on Tuesday that the country's oil production has witnessed a major rise of above 1 million barrels per day over the past three years even though it has been mostly under a draconian regime of sanctions engineered by the United States.

Zangeneh added that the exports – that stood at 0.97 million barrels per day in 2013 – have to the same effect almost doubled.

He further added that the production of condensate – now at 0.6 million barrels per day - has seen an increase of two folds from the start of the tenure of President Hassan Rouhani three years ago.

The production of natural gas, Zangeneh told the Parliamentarians, has also seen an increase of 50 percent since 2013 when it stood at 240 million cubic meters per day.

The Iranian minister had earlier been quoted as saying that the country's oil production could increase by 600,000 to 700,000 barrels a day over the next five years.

This, he had said, would be materialized as a result of the development of new fields through a modernized version of oil contracts the first of which are expected to be awarded within the next few months.

Zangeneh had stressed that the bulk of the surge will come from fields in an area west of the Karoun River along the Iraqi border.

The Iranian minister has also emphasized that Iran will need an investment of $200 billion over the next five years to implement the plans to boost oil and gas production.

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