Iran Eyes 5.7 Million bpd of Oil Production Capacity in 8 Years: NIOC's Official

The Corporate Planning Manager of the National Iranian Oil Company (NIOC) announced the company’s plans to ramp up Iran's crude oil production capacity to 5.7 million barrels per day over the following eight years.

Speaking on Tuesday, Karim Zobeidi highlighted the company's plans for the next eight years, and said: "We intend to attract capital in the next eight years to bring Iran’s crude oil production capacity to 5.7 million barrels per day.”

Referring to the investment priorities of NIOC, he stated: "Investment opportunities and the participation of domestic investors in drilling oil wells are very important."

The senior NIOC official said: "Planning to maintain production by repairing existing wells and constructing some process facilities and pipelines can be considered as other domestically investable projects."

Zobeidi said: "According to the plans, provided that new investments are made, the country's daily gas production capacity will reach 1.5 Bcm/d within the next eight years."

Regarding the plans to increase gas production in the country, he said: "Completion of the development project of phase 11 of South Pars, completion of pressure boosting projects in existing phases of South Pars, and development of Kish and North Pars gas fields are among the plans of National Iranian Oil Company to boost gas production capacity in the country."

The Corporate Planning Manager of the National Iranian Oil Company, while pointing to other projects to increase the country's gas production, stated: “For the Iranian Central Oil Fields Company, 320 Mcm/d of gas has been planned to be added to its production capacity in the next eight years.” - Shana