Tehran, UAE — Iran’s oil production capacity has increased 40 percent in two years with the rise in investment in semi-finished oil projects, the country’s Minister of Oil Javad Owji said Sunday.
He said since the beginning of the administration of President Ebrahim Raisi, in August 2021, increasing investment opportunities in the oil industry’s projects has been prioritized as one of the key factors at the Ministry of Oil.
He said that the daily crude oil output volume reached from the previous 2.2 million barrels of oil per day (bpd) to over 3.1 million bpd, calling it as a “source of pride” for the Oil Ministry.
Owji pointed to the investment made in the gas sector and added that the gas production has increased by 40 million cubic meters in the first five months of the current Iranian calendar year (March to August 2023).
Referring to the production of between seven and 10 million cubic meters of gas from South Pars Phase 11, he added that gas production in this phase will reach 50 million cubic meters in the future with the increase in the number of wells.
This is while Iran is now under the most severe sanctions and Iran’s rival in the joint field, Qatar, has been producing gas without any restriction, he said.
“It is interesting to know that, relying upon the assistance of God and unsparing efforts of industrious personnel and engineers of the ministry, Iran’s gas production now exceeds that of Qatar in this field,” he said.