Baku, Azerbaijan, Oct. 17
By Emil Ilgar – Trend:
Iran plans to increase its oil output to 4.5 million barrels per day (mb/d), including 668,000 b/d of gas condensate by March 20, 2017, the country's oil minister Bijan Namdar Zanganeh said Oct.17.
Currently Iran produces 3.65 mb/d of crude oil as well as 520,000 b/d of gas condensate, Mehr reported.
Zanganeh added that the total gas output of the country is expected to reach 900 million cubic meters per day (mcm) by the end of current fiscal year (March 21).
Last year, Iran’s total gas output, including flaring and re-injection, stood at about 730 mcm/d.
Iran plans to inaugurate 5 phases of South Pars by March 2017.
Zanganeh said that Iran’s gas output to reach 1,000 mcm/d by March 2018 as well.
Zanganeh said that $134 billion would be invested in upstream sector in the next four years.
“Some $52 billion and $15 billion worth of investments would be attracted in petrochemical and refinery projects respectively by 2021," he said.
Zanganeh said that the share of oil products in the country’s energy consumption at power plants stands at 18 percent, but the figure would decrease to 10 percent by the end of the current fiscal year due to replacing natural gas with liquid fuels in energy consumer sectors.
He added that the oil refining capacity of the country would reach up to 3 mb/d by 2021. The figure stands at around 1.8 mb/d currently.