BAKU, Azerbaijan, May 8. Iran's crude oil production potential will increase by 300,000–400,000 bpd in the current Iranian year (March 20, 2024–March 20, 2025) with the completion of the remaining work from previous years, Iranian Oil Minister Javad Owji said, Trend reports.
He delivered the speech at the 23rd International Exhibition of Oil, Gas, Refining, and Petrochemicals in Tehran.
According to him, there are plans to increase gas production potential by 35 million cubic meters daily in addition to increasing crude oil production potential.
The Iranian minister also stated that there are plans to boost petrochemical production by 3-5 million tons annually.
Owji pointed out that recent months have seen the signing of contracts worth $13 billion for the development of Iran's joint oil fields with other nations and $20 billion to boost pressure in the South Pars gas field.
"Since the current Iranian government came to power (it has been in power since August 2021), the country's gas production has increased by 54 million cubic meters, 220,000 barrels of refining, and 10 million tons of petrochemical production," he said.
He stated that 1,700 local and 250 foreign companies are participating in the 23rd International Exhibition of Oil, Gas, Refining, and Petrochemicals.
The 4-day 23rd International Oil, Gas, Refining, and Petrochemicals Exhibition kicked off in Tehran on May 8.
Meanwhile, according to the report of the Organization of Petroleum Exporting Countries (OPEC), Iran's crude oil production was 3,188,000 barrels per day in March (2024). Crude oil production increased by 28,000 barrels compared to February.
To note, Iran's total hydrocarbon reserves amount to 1.2 trillion barrels. Iran can produce 340 billion barrels of this gas with existing technological equipment. Iran can use about 30 percent, while 70 percent remains unused underground.
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