30 August 2016 - 14:59
  • News Code: 268140
Zanganeh Highlights Importance of Investment

TEHRAN, Aug 30 (Shana) – Minister of Petroleum Bijan Zanganeh told state TV on Monday that investment will solve many problems.

Zanganeh said Iran's daily oil production stood at 2,700,000 bpd when the 11th Government started work and the output has now reached 3, 850,000 bpd. 

To a question when Iran will stand as the second OPEC exporter, Zanganeh said, "To reserve the second position, time and investment are needed."

He said Iran's exports was less than one million barrels per day in 1392 (2013-14) and has reached more than 2,500,000 bpd, taking also gas condensates into consideration.

He noted that while Iran had not made any investment in oil fields in the years, Iraq managed to raise its oil output with new contracts to the extent that now its output has hit close to 4,200,000 bpd.

As for oil production from fields west of Karoon, he said amount of production from the fields stood at 70,000 bpd when the 11th government started work and it has now reached more than 210,000 bpd and will reach more than 300,000 bpd by end of this year.

The minister said efforts are underway to raise the figure up to about 700,000 bpd in next three years.

News Code 268140

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