Hamid Bovard said the increase will follow the implementation of crude oil processing service procurement contracts for oil fields. He thanked NIOC employees for their round-the-clock efforts to finalize the contracts.

“As part of these contracts, we plan to install 11 skid-mounted processing units in a very short time, between six and 12 months. Their execution will add 135,000 barrels per day to the country's oil production,” Bovard said.

He thanked the private sector for its investment and partnership in crude oil production, noting that the project will directly and indirectly employ 7,000 people. He said various private sectors helped launch the major project through small investments.

Regarding a second contract signed with private sector partners, Bovard said 20 land drilling rigs will be added to the fleet over the five-year execution period, which will increase production capacity.

Bovard said efforts are being made to deploy the rigs and begin their operational work within a short time frame of four to six months. Under the contract, the rigs are scheduled to drill 270 new wells, he said.