Iran's NISOC to produce over three million barrels of oil daily

Oil&Gas Materials 24 April 2013 12:39 (UTC +04:00)

Azerbaijan, Baku, Apr.24/ Trend R.Zamanov

The National Iranian South Oil Company plans to produce 3,050,000 barrels of oil per day in the current Iranian calendar year which began March 21, the company's managing director said on Wednesday.

The company also plans to produce 120 million cubic meters of natural gas per day in the same period, the Fars News Agency quoted Hamid Bourd as saying.

NISOC produced 3,050,000 barrels of oil per day during the past calendar year, he said

The output surpassed the company's nominal capacity during the past calendar year he added, noting that the company's nominal capacity is three million barrels per day.

NISOC previously announced it will invest some five billion dollars in incomplete projects in the current Iranian calendar year.

It sold 7.5 trillion rials, some 611 million U.S. dollars' worth of bonds in December.

According to Iranian Oil Minister Rostam Qasemi, the country's recoverable oil reserves are currently about 157 billion barrels.

Iran has the world's fourth largest reserves of recoverable oil after Venezuela, Saudi Arabia and Canada.