Iran’s NISOC oil output hits three million barrels per day

Iran Materials 4 November 2013 13:45 (UTC +04:00)

Azerbaijan, Baku, Nov. 4/ Trend R.Zamanov

The average production of the National Iranian South Oil Company (NISOC) currently stands at a daily three million barrels, Hossein Gholamnejad, an official with the company, said on Monday.

NIOSC is comprises nine companies, the IRNA News Agency reported.

"The NIOSC currently has more than 38,000 employees," he said.

Iran's crude oil exports have decreased from 2.2 million barrels per day (mbpd) in 2011 to less than one mbpd currently. According to the statistics of Iran's Customs Administration, the country's condensates exports have plunged significantly as well.

Iran's Oil Minister Bijan Namdar Zanganeh said on October 27 that the country's crude oil income would reach $54.5 billion annually if the US-led sanctions over Iran's oil export are eliminated. While the oil price stands at about $107 per barrel, the targeted oil export income figure equals to the value of selling 1.4 mbpd.

In late September, member of the Iranian Parliament Planning and Budget Commission Hossein Ali Haji Deligani said the country's oil and condensate revenues were around $23 billion during the first six months of the current solar year (started on March 21).

He went on to note that, the country's crude oil and condensates exports currently stand at 1.209 mbpd, citing a report submitted by Zanganeh to the Commission.