Oil production capacity at Iran’s Masjed Soleyman field rising up
Baku, Azerbaijan, Dec. 26
By Khalid Kazimov - Trend:
The capacity of producing oil in the Masjed Soleyman field has increased to 170,000 barrel per day (b/d), SHANA News agency reported.
Ebrahim Piramoun, managing director of Masjed Soleyman Oil and Gas Production Company said that the oil field produced 140,000 barrel per day last year.
Saying that the international sanction did not cause decline in the production of Masjed Soleyman oil field, he added that the production capacity in the oil field has increased over the past several years and it is ready to fulfill its commitments regarding the production.
It was earlier announced that the country plans to boost oil production to 5.7 million barrels a day and gas output to 1.4 billion cubic meters a day by 2021.
Iran's current oil production is estimated to be around 2.8 million barrels per day of which about one million barrels are exported.
By holding 157.8 billion barrels of recoverable crude oil reserves, Iran possesses the world's fourth largest reserves of crude oil.
The Islamic Republic also holds 34 trillion cubic meters of proven gas reserves, sharing 18.2 percent of total global gas reserves, which puts the country in the top of the world's gas holders list.