The minister added 67 semifinished projects will be also inaugurated with an investment of $15 billion by the end of current Iranian calendar year – March 19, 2024.

Elaborating on the Oil Ministry’s performance, he described the increase in Iran’s oil production as one of its achievements, adding oil output has reached 3.3 million barrels per day (bpd) and will hit 3.4m bpd by the end of summer – September 22, 2023.

The figure shows oil production has jumped more than 1.3m bpd since the 13th administration took over, mentioned Owji.

Other projects

Pointing to megaprojects inaugurated during his tenure, the minister said Phase 2 of Abadan Refinery in Khuzestan Province, southwestern Iran, with a 210,000-barrel crude production capacity and refinery of Phase 14 of the South Pars gas field with an output capacity of 50 million cubic meters per day (mcm/d) came on stream.

Owji also referred to the inauguration of a plant to collect flare gas of Hoveyzeh in southwestern province of Khuzestan and associated petroleum gas (APG) of other oil fields.

The Oil Ministry has outlined plans to gather APG, put refineries into operation, develop oil fields, and increase oil, gas, and petrochemical production capacities this year, he pointed out.

According to the minister, Phase 11 of the South Pars field will be officially inaugurated by President Seyyed Ebrahim Raeisi next week.