Iran is expected to increase oil production
TEHRAN, Iran, Sep.22
Iran is expected to increase oil production to 8.5 million barrels of oil per day and would also triple petrochemical products by 2025, said a member of the Expediency Council.
"It has been planned that the country would increase oil production and petrochemical products. The crude oil sale requires reform that is still being considered," said Ali Aghamohammadi, Trend reports citing Mizan News Agency.
"Iran's exploration and production (E&P) companies are expected to sign engineering procurement construction (EPC) contracts for 1 million barrels of oil in October," he noted.
"Ministry of Oil and the Ministry of Science, Research and Technology have invested $230 million on oil management and had good transactions in this regard," he said.
"The capacity of technology management in oil and related majors will be improved in universities and the collaboration should not only be limited to increase of oil production but also used in information communication technology section and review scientific changes," he added.
"There has been a constructive collaboration between eight universities and nine oil projects which led to successful exploration," he stated.