BAKU, Azerbaijan, February 13. Iran will continue boosting its crude oil production and exports in the coming months, the country's Deputy Oil Minister, Head of the National Iranian Oil Company (NIOC) Hamid Bovard told reporters, Trend reports.
According to him, there have been significant increases in Iran's crude oil production and exports over the past few months, however, due to sanctions imposed on the country, production and export figures are not being announced.
Bovard mentioned that regarding gas production, Iran's production from the South Pars gas field (North Dome in Qatar), a shared field with Qatar, has recently reached 716 million cubic meters per day, which is considered a record for Iran's production from this field.
The deputy minister highlighted that several projects related to flare gas collection are being implemented in the Asaluyeh County of Bushehr Province, and nearly 40 percent of the work has been completed in these projects.
Many facilities related to flare gas collection will be commissioned in Asaluyeh County during the upcoming Iranian year (from March 21, 2025 through March 20, 2026).
To note, Iran has announced that it set a new record for monthly crude oil exports last month, surpassing the previous 10-year record, however, the country did not disclose the volume of crude oil exports.
Iran's total hydrocarbon reserves amount to 1.2 trillion barrels. With existing technology and equipment, Iran can extract 340 billion barrels, but it is only utilizing about 30 percent of its reserves, with 70 percent remaining untapped underground.
In November 2018, the US imposed new sanctions on Iran in connection with its nuclear program. Since then, sanctions have targeted Iran's oil exports, as well as over 700 banks, companies, and individuals.
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