Iran oil output not matching up with reserves: Oil minister

Oil Minister Bijan Zanganeh says Iran currently produces more than 3.8 million barrels per day (bpd) of crude oil, roughly the same production level before the 2012 sanctions.

The country exported 2.6 million bpd of oil and condensate in August as it kept on the push to win back its market share, Zanganeh said in Tehran on Tuesday.    

“During these years, the fall in oil production from offshore and eastern Karun fields has been compensated and daily production of oil since the start of the eleventh government (in 2013) has reached about 280,000 barrels from about 70,000 barrels,” he said.

The current production, however, is not in any way proportional to the country’s reserves. Zanganeh said Iran is targeting a production capacity of about 4.8 million barrels per day in the sixth development plan (2016-21). This means Iran has to add 700,000 bpd to its overall output. 

The oil fields in west Karoun, namely Yadavaran, Azadegan and Yaran, are among the top priority projects for development by Iran's Oil Ministry. In January, the ministry announced 34 foreign oil and gas companies as qualified to take part in any upcoming tenders for exploration and production.

EA