He said in the first phase, Iran has the capacity for 150,000 barrels per day of oil swap.

"Oil swap will encourage business and Iran’s oil will enter the world markets," he added.

On recent fields in the petrochemical facilities, he pointed to certain failed privatization policies and cut of feedstock to the petchem companies not observing the HSE mandates, and said petrochemical production units should embark on necessary repairs on time as professional directors should undergo necessary training.

He then focused on the South Pars joint field and said late this year or early next year, Iran will be able to extract gas as in the level of Qatar.

“When I started work in the Ministry of Petroleum, daily production from the field was 240 million cubic meters but it reached 360 million cubic meters late last year. The level was met following operation of phase 12, which was equal to three phases: 15, 16 and 17.”

He hoped that phases 18 and 19, 20 and 21 will be in operation. “Once the phases come on-stream, gas production from South Pars joint field will reach 500 million cubic meters or a little bit more than the figure. Late this year or early next year, we will reach the level of daily gas extraction of Qatar; in combination, Qatar has extracted gas more than twice than Iran and this is the part that we have lost. It should be born in mind that in implementing a project, time is as important as money and capital.”

For delays in the South Pars projects and other projects, the NIOC has more than 50 billion dollars of debts. 

Zanganeh then said the yield of West Karoon fields, which Iran shares with neighboring Iraq, has reached 220,000 bpd from 70,000 barrels per day in July 2013, showing a three-fold increase in production out of the field. “We will try to raise the figure to 280,000 to 290,000 barrels per day.”

He said after the Joint Comprehensive Plan of Action, a more-than-one-million-barrel increase was observed in export of crude. 

Asked whether the customers were indebted to Iran, the minister said Iran receives money for oil upon selling.