BAKU, Azerbaijan, July 10. Iran earns $2.7 billion a year by increasing crude oil production by 100,000 barrels per day, Iranian Oil Minister Javad Owji said in a statement to reporters after a Cabinet meeting in Tehran on July 7, Trend reports.
According to Owji, against all odds, Iran has defied US sanctions and hit the ground running, ramping up its crude oil production and exports.
Owji stated that Iran's Oil Ministry aims to increase crude oil production potential to 4 million barrels by the end of the current Iranian year (March 20, 2025). Iran is employing local experts and manpower in operations to increase crude oil production.
The minister noted that Iran's liquid hydrocarbon reserves amount to more than 153 billion barrels. The main focus is on increasing revenues by maximizing the utilization of the country's hydrocarbon resources.
Iran's total hydrocarbon reserves amount to 1.2 trillion barrels. Iran can produce 340 billion barrels of this gas using existing technological equipment. Iran can utilize about 30 percent, while 70 percent remains unused underground.
To note, a total of 74 oil fields and 22 gas fields are currently operating in Iran. 37 oil fields are operated in the territory of the Iranian South Oil Zones National Company, 14 in the territory of the Iranian Central Oil Zones Company, 5 in the territory of the Arvandan Oil and Gas Production Company, and 18 in the territory of the Offshore Oil Company. In addition, 5 gas fields are operating in the Iranian National Company of Southern Oil Zones territory, 13 in the territory of the Iranian Central Oil Zones Company, 1 in the territory of Pars Oil and Gas Company, and 3 in the Offshore Oil company.
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