Iran’s gas production capacity expected to increase by 500 million cubic meters per day by 2029, of which 120 million cubic meters will be made possible by the development of the Kish gas field Mohsen Khojastehmehr in a televised interview on Monday.

Pointing out the achievements of NIOC, he added: “The maturity of the oil industry and NIOC started almost after the Islamic Revolution; 65% of the cumulative production of the country took place in the post-revolution era.”

He continued: “Now we have 400 oil and gas reservoirs and more than one billion cubic meters per day of gas output in the country, which is the result of the maturity and evolution of Iran's oil industry after the revolution.”

In the history of the oil industry, before the Revolution, expertise and management played a role, he went on to add. “Today, in the 44th year of the victory of the Islamic Revolution, the oil industry has gained independence and is capable in manufacturing, installation, startup, exploitation, production and commissioning projects.”

He further stated that the last South Pars refinery would come online in the coming days and an investment of about $2.5 billion has been made in it.

“South Pars Phase 14 refinery is the most Iranian phase because 70% of its equipment is Iranian and with the completion of this refinery, 42 million cubic meters will be added to the gas refining capacity of the country,” he said.

The NIOC official said that the country’s crude oil production capacity was planned to reach 4.6 million barrels per day by 2027, of which 450,000 b/d will be supplied from EOR and IOR projects. Furthermore, he said that crude oil production capacity would also reach 5.7 mbd by 2029 and 900,000 b/d will be supplied from EOR and IOR projects.