Mohsen Khojastehmehr, who made the announcement in a press conference on the occasion of the National Reporter’s Day, added Iran’s oil output stood at 2.2m bpd in August 2021, when the 13th (incumbent) administration took over.

The country’s oil production, he continued, will witness a 2.2m bpd increase within the next week and a 100,000-barrel hike by the end of the next Iranian calendar month – September 22.

Iran’s oil exports have doubled since the 13th administration took office, mentioned the NIOC CEO.

Khojastehmehr said development of Phase 11 of the South Pars gas field was the first decision made in the oil sector of the current government.

“We outlined a plan to start producing gas in Phase 11 within two years, which is one of the strategic goals of the country,” he stated.

French company Total signed a deal with Iran twice to develop it, recalled the official, adding the company, however, pulled out of the giant offshore project.

If Total continued to develop Phase 11, the wells would start their production after six years while “we have managed to do the job by employing domestic experts after a 20-year hiatus and gas production will start soon”.

Progress amid sanctions

The NIOC chief said Iran made great progress despite sanctions and tough international conditions.

At present, Khojastehmehr explained, the Iran Petroleum Contracts (IPCs) worth $11 billion are in progress, adding the total value of oil contracts will soar to $60 billion as the underway negotiations are finalized.

According to him, contracts of joint oil fields worth $8 billion will be signed during the coming fall and winter.