Iran plans to double oil extraction by 2020

iran-posle sanksiiIf now Iran extracts about 2.8 million barrels of oil  a day, by 2020 the country plans to double oil extraction up to 4-7 million barrels a day. But Iran has a long way to go to reach Russia, which next year is going to increase oil extraction up to 11 million barrels a day.

Iran’s plans to increase oil extraction have been announced in the presentation at the conference on new contracts in the oil and gas industry, which was organized for the international investors in Tehran on November 28-29, 2015.

The first bids for the Iranian oil and gas fields will take place in early 2016, said Rokneddin Javadi, Iranian Deputy Minister of Oil and head of Iranian state oil company.

Iran hopes for the international cooperation. “According to the new contracts, Iranian National Oil Company will create joint ventures to extract oil and gas with the international companies, which will receive their own share of extracted volume of hydrocarbons,” explained Mekhdi Hoseini chairman of the Committee for Oil Contracts Revision.

More companies, than it was expected, took part at the forum – representatives of 335 companies, of which 152 foreign companies from 45 countries arrived to the conference.