TEHRAN, Iran, Oct.11
Trend:
The National Iranian Oil Company (NIOC) supports production companies to have the maximum oil and gas output, said the Managing Director of the NIOC, Trend reports citing IRNA.
Iran has enormous amount of oil and gas reserves and there should be plans for maximum production to generate revenues, Mohsen Khojasteh Mehr, noted.
Renovations of old equipment, protecting pipelines, sustainable and consistent production are basic tasks required for maximizing output, he said.
Iran's reserves account for 25 percent of oil reserves in the Middle East and 12 percent of global oil reserves. Iran oil production in 2020 was about 2 million barrels per day.