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NIOC: OPEC puts Iran's oil output less than real volume (exclusive)

Business Materials 17 October 2016 14:41 (UTC +04:00)

Tehran, Iran, October 17

By Mehdi Sepahvand, Dalga Khatinoglu - Trend:

OPEC has put Iran’s oil output figure about 250,000 barrels per day less than the real volume, Ali Kardor the managing director of Iranian National Oil Company told Trend Oct.17.

According to OPEC’s latest monthly report based on the secondary sources, Iran produced about 3.65 million barrels per day (mb/d) of crude oil in September.

Kardor said that the country’s real crude oil output is 0.25 mb/d more than OPEC’s estimation.

He said during the sideline of an energy conference in Tehran that currently Iran exports 2.05-2.1 mb/d of crude oil.

Kardor said that the country’s oil output would reach 4 mb/d by March 21.

Iran’s total oil output, including the gas condensate, would reach to 4.5 mb/d by March 21, of which 668,000 b/d would be gas condensate, the country's oil minister Bijan Namdar Zanganeh said Oct.17.

He said that Iran needs $200 billion worth of investment by 2021 to develop its up/downstream oil and gas projects. Some $134 billion is expected to be invested in the upstream sector.

Commenting on the needed foreign investments, Kardor told that Iran expect to attract foreign investments by newly resigned oil contracts, called Iran Petroleum Contracts, as well as issuing bonds.

He said that it is soon to estimate any figure, but the country hopes to attract significant amount of foreign funds.

Iran plans to boost oil output to 5.5-6 mb/d by 2021.

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