BAKU, Azerbaijan, March 18. Iran's crude oil production will increase by 400,000 barrels per day with the recently signed agreements on the development of six oil fields in Iran, the country's Oil Minister Javad Owji said at an event organized to sign contracts for the development of the above fields, Trend reports.
According to Owji, a total of $13 billion worth of funds will be spent within the framework of the contracts. With this, more than 60,000 Iranian citizens will be provided with jobs.
He added that in the 12th month of the current Iranian year (from February 19 through March 19, 2024), contracts worth $33 billion were signed in the oil and gas sector in Iran.
The Iranian minister pointed out that at the beginning of next year (from March 20, 2024 through March 20, 2025), five petrochemical plants with the potential to produce eight million tons of petrochemical products per year will be commissioned.
To note, the event on signing the agreements on developing six oil fields between the National Oil Company of Iran and local companies was held on March 17. The event was attended by Iran's 1st Vice President Mohammad Mokhber, Oil Minister Javad Owji, Executive Director of the National Oil Company Mohsun Khojastmehr, and others.
Additionally, Iran’s total hydrocarbon reserves are estimated at 1.2 trillion barrels. With the available technology and equipment, Iran can extract 340 billion barrels. Thus, 30 percent of the country's hydrocarbon reserves are recoverable, while 70 percent remain underground.
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