Iran introduces oil industry’s high-priority plans

Business Materials 23 May 2016 12:31

Baku, Azerbaijan, May 23

By Khalid Kazimov - Trend:

Oil Minister Bijan Namdar Zanganeh has announced the country's high-priority plans in the oil sector for the current Iranian calendar year (started March 20).

The oil minister has also tasked Rokneddin Javadi, the head of the National Iranian Oil Company (NIOC), to oversee the implementation of the high-priority plans, SHANA news agency reported.

Increasing the production capacity of the joint fields located on the west of Karoun River by 90,000 barrels per day, increasing the level of gas production in South Pars gas field by 567 million barrels per day, amending the structure of new oil contracts aimed at obtaining modern technology as well as finalizing six agreements on oil and gas projects are among the most
important plans of the NIOC for the current Iranian year.

Following the implementation of the Joint Comprehensive Plan of Action (JCPOA) Jan. 16, which was followed by the removal of nuclear related sanctions on the country's energy and financial sectors, Iran has been working on plans to increase its daily output to four million barrels by March 2017.

The Islamic Republic produces over 420 million cubic meters per day (mcm/d) of gas from South Pars, while the production level is projected to surpass 700 mcm/d by late 2018.