BAKU, Azerbaijan, January 11. Iran's crude oil production is planned to reach 4.5 million barrels per day by 2028, the Iranian parliamentary presidium member Mojtaba Yousefi said at the 15th Khuzestan Oil Industry Equipment Manufacturing Exhibition in Ahvaz city of Khuzestan province in southeastern Iran, Trend reports.
According to him, Iran has to direct investments toward increasing crude oil production before the said date.
Yousefi noted that, in general, investment in the oil and gas industry is not considered an expense. In fact, it is an investment. Because with this work, the country's technical prowess grows. It is necessary to have technical knowledge and skills in the country so that the sanctions imposed on the country are not effective.
The official added that it is necessary to make maximum use of the national development fund in Iran to increase gas production and crude oil production.
The four-day Khuzistan 15th Oil Industrial Equipment Manufacturing Exhibition kicked off in Iran today.
Iran's total hydrocarbon reserves are 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.
To note, a total of 74 oil fields and 22 gas fields are currently operating in Iran. There are 37 oil fields in the territory of the National Company of Iran's Southern Oil Zones, 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. Additionally, the South Oil Zones National Company of Iran operates 5 gas fields, the Central Oil Zones Company operates 13, the Pars Oil and Gas Company operates 1, and the Offshore Oil Company operates 3.