BAKU, Azerbaijan, June 10. Over the past three years, a total of 155 projects worth $34 billion have been implemented in Iran's oil and gas sector, Iranian Oil Minister Javad Owji said at an event organized in Sistan and Baluchistan provinces on the occasion of the commissioning of a gas pipeline and pressure boosting stations at an Iranian gas field, Trend reports.
According to him, 50 new projects worth $47.5 billion were also launched during the period mentioned.
The completion of fifteen projects in Iran's oil industry during the last three years has led to a 60 percent rise in crude oil production, according to Owji.
The Iranian minister noted that gas production in the gas sector has increased by 50 million cubic meters per day in the past 3 years and production of oil products has increased by 270 million liters daily.
Furthermore, the Iranian side reports that crude oil production is 3.6 million barrels per day and will increase to 4 million barrels by the end of the current Iranian year (March 20, 2025).
An estimated 1.07 billion cubic meters of gas is being produced daily by Iran.
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 utilize about 30 percent and 70 percent remains unutilized underground.
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