Addressing the opening ceremony of Iran Energy Efficiency Conference (IREEC 2023), Javad Owji assured that a major part of the country’s energy imbalance will be redressed if “we optimize consumption in an appropriate way”.

Oil and gas imbalance is an important issue that should be settled through increasing production and optimizing consumption, noted the minister.

Although oil and gas production has risen in the country, “we have to optimize consumption”, he underlined.

“Today, the country’s oil output has reached 3.19 million barrels per day (bpd) and one billion cubic meters (bcm) of gas are produced a day,” said Owji, adding the country’s oil production capacity stands at 3.85m bpd.

“Last year, we completed semifinished projects worth over $12 billion and more partly-finished projects worth $15 billion will become operational by mid-March 2024,” continued the minister.

Phase 14 [of the South Pars gas field] was among the projects inaugurated in the previous year, leading to a 50-million-cubic-meter increase in the country’s gas output, he explained.

The second phase of Abadan Refinery development plan was also completed and increased its refining capacity by 210,000 barrels, recalled Owji, referring to the inauguration of NGL 3200 project implemented to collect associated petroleum gases.