BAKU, Azerbaijan, Nov. 29
By Elnur Baghishov – Trend:
Iran plans to reach daily crude oil extraction of 5 million barrels, as well as, daily gas extraction of 1.5 billion cubic meters in next 10 years, new Iranian Deputy Oil Minister and the CEO of the National Iranian Oil Company (NIOC), Mohsen Khojastamehr said in a press conference, Trend reports citing the Shana News Agency.
According to the deputy minister, in order to achieve this volume of oil and gas extraction in 10 years, it is necessary to invest $10 billion in the oil sector and $70 billion in the gas sector.
Khojastamehr added that if the goal in the oil sector is achieved, Iran will export 1.5 times more crude oil than before the sanctions.
“There are various reasons for Iran's failure to reach crude oil production 5 million barrels daily over the past 40 years, such as sanctions,” he said.
The CEO noted that the National Iranian Oil Company (NIOC) has 400 oil and gas reservoirs. These reservoirs contain about 1.2 trillion barrels of reserves, of which 340 billion barrels can be extracted with modern methods and equipment.
Khojastamehr Iran's potential for onshore and offshore hydrocarbon reserves has not been fully clarified. Iran's oil and gas reserves will increase in the future.
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