Iranian oil minister has announced that the country\u2019s crude production will rise to 4.5 million barrels per day (bpd) in the current Iranian calendar year (began March 20).<\/p>\n

Speaking at the second oil and energy congress in Tehran, Oil Minister Bijan Zanganeh described priorities of the industry in the post-JCPOA era adding \u201ccrude production capacity of Iran will hit four million barrels per day in the present year while the overall figure, including gas condensate, will exceed 4.5 million bpd.\u201d<\/p>\n

\u201cProduction capacity for gas condensate will also reach about 688 thousand barrels a day,\u201d highlighted the Iranian minister estimating that the figure will hit one million bpd by 2018 upon implementation of new South Pars phases.\u201d<\/p>\n

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Iran’s gas output will be increased to approximately 900 million cubic meters per day by the end of the current year<\/h3>\n<\/blockquote>\n

The member of the Iran cabinet noted that gas output will be increased to approximately 900 million cubic meters per day by the end of the current year; \u201con the basis of developmental plans in gas industry, the production capacity is expected to go over one billion cubic meters by the end of the upcoming year.\u201d<\/p>\n

<\/a><\/p>\n

Iran oil industry investment plan<\/strong><\/p>\n

Zanganeh further touched upon the plans to attract investment in oil industry explaining \u201cthe Sixth National Development Plan requires that 134 billion dollars of financial resources be absorbed in the upstream petroleum sector.\u201d<\/p>\n

He pointed to the plan to attracting around 52 billion dollars of financial resources in petrochemical industries recalling \u201ca 15-billion-dollar investment has been envisaged for expansion of Iran\u2019s refinery industry while an aggregate total of about 200 billion dollars need to be attracted to the country\u2019s oil, gas and petrochemical industries.\u201d<\/p>\n

Oil Minister Zanganeh went on to enumerate three top developmental priorities of oil industry including expansion of South Pars gas field, development of West Karun joint fields as well as increasing recovery factor; \u201cPhases 17, 18, 19, 20 and 21 of South Pars will come on stream in the present year and Iran\u2019s daily production volume will equal that of Qatar in the coming year.\u201d<\/p>\n

<\/a><\/p>\n

Developmental contract for Phase 11 of South Pars<\/strong><\/p>\n

\u201cA developmental contract for Phase 11 of South Pars will also be inked in the coming months,\u201d stressed the oil official underscoring that the country\u2019s overall gas production capacity will reach more than one billion cubic liters in the year to follow.\u201d<\/p>\n

Zanganeh said gas supply to villages, increased exports and development of LNG sector remain as three strategic aims pursued in the Iranian gas industry; \u201cthe share of oil products in the feedstuff of Iranian power plants has declined from 18 per cent a year ago to less than 10 per cent in the current year.\u201d<\/p>\n

Iran Petrochemical production<\/strong><\/p>\n

\u201cPetrochemical production will rise by five million tons in coming months,\u201d emphasized the official saying \u201cin time with development of downstream sector, oil production will begin form oil layers of South Pars field for the first time ever.\u201d<\/p>\n

\u201cA developmental contract for the second phase of South Pars as well as an agreement to increase recovery factor of the joint field will be sealed in the ongoing year.\u201d<\/p>\n

Oil minister of Iran reiterated that \u201cgiven the increased share of gas in the country\u2019s energy basket, Iran has turned into a major exporter of oil products as a daily average of approximately 20 million liters of gas oil is being deployed to global markets.\u201d<\/p>\n

Referring to operation of the first phase of Setare Khalij Fars Gas Condensates Refinery and the halt in gasoline imports as of the next year, Bijan Zanganeh concluded \u201cIran\u2019s oil refining capacity will soar to more than three million barrels per day by the end of the Sixth National Development Plan.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

Iranian oil minister has announced that the country\u2019s crude production will rise to 4.5 million barrels per day (bpd) in the current Iranian calendar year (began March 20). Speaking at the second oil and energy congress in Tehran, Oil Minister Bijan Zanganeh described priorities of the industry in the post-JCPOA era adding \u201ccrude production capacity…<\/p>\n","protected":false},"author":1,"featured_media":4407,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0},"categories":[70,436],"tags":[396,230,3,439,440,117,242,438],"_links":{"self":[{"href":"https:\/\/iranthisway.com\/wp-json\/wp\/v2\/posts\/4406"}],"collection":[{"href":"https:\/\/iranthisway.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/iranthisway.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/iranthisway.com\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/iranthisway.com\/wp-json\/wp\/v2\/comments?post=4406"}],"version-history":[{"count":0,"href":"https:\/\/iranthisway.com\/wp-json\/wp\/v2\/posts\/4406\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/iranthisway.com\/wp-json\/wp\/v2\/media\/4407"}],"wp:attachment":[{"href":"https:\/\/iranthisway.com\/wp-json\/wp\/v2\/media?parent=4406"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/iranthisway.com\/wp-json\/wp\/v2\/categories?post=4406"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/iranthisway.com\/wp-json\/wp\/v2\/tags?post=4406"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}