2 May 2023 - 16:49
  • News ID: 472013

Oil minister at 14th IPF:

Iran’s oil output rises in 20 months, tops 3 mbd

Owji assures petrochemical plants of ministry’s full support
Iran’s oil output rises in 20 months, tops 3 mbd

SHANA (Tehran) – Iran’s oil minister said the country’s oil production has risen to over 3 million barrels per day (mbd) in the past 20 months ago.

Addressing the 14th Iran Petrochemical Forum (IPF) on Monday, Javad Owji added the country’s crude gas output has exceeded 1 billion cubic meters.

In spite of having 33 trillion cubic meters of gas reserves and 154 billion barrels of recoverable oil, the country is suffering from lack of enough investment in its oil and gas industry, regretted the minister, adding, “Based on the Sixth Plan, the sweet gas production capacity should have reached 1.25 billion cubic meters.”

Iran’s current oil and gas production capacities is not at all proportional to its recoverable reserves, said Owji, pointing out that Russia is now producing 7.5 mbd while its recoverable reserves are less than Iran’s.

The 13th (Raeisi) administration and the Ministry of Petroleum have given top priority to the increase in oil and gas production and the setup of petrochemical complexes with the aim of securing the country’s energy supply, preventing the selling of raw materials, creating added value, and neutralizing sanctions since they took office, Owji underlined.

“Now, 70 petrochemical complexes are active in the country,” said the minister, continuing that more than 80 billion dollars have been invested in domestic petrochemical industry and the same investment is needed to implement 107 underway petrochemical projects.

The ministry will provide petrochemical complexes with a steady supply of feedstock by developing integrated refinery and petrochemical complexes and boosting oil and gas outputs, assured Owji.

News ID 472013


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