Daily oil production in Iran will reach 4.6 million barrels a day within the framework of the sixth five-year program of Iran’s development (2016-2021), said Iranian Oil Minister Bijan Zangane.
Increase in oil extraction is the main goal of Iran’s program of the country’s development. The country has been working to restore 75% of oil production on 8-9 fields, Shana agency quoted Minister as saying.
Zangane added that in March 2018 gas production in the country will reach 1.1 bcm and about 0.75 bcm will be exported from the Southern Pars field by that time. Launching of all phases of Southern Pars, except for the 14th one, is scheduled for the end of 2016. Iran hopes to increase natural gas export to Iraq, Pakistan, Oman and other countries – up to 0.2 bcm a day.
Zangane added that Iran’s incomes from petrochemistry will increase up to $41 billion a year during this period from the current $18 billion a year.
He also added that Iran needs about $50 billion to fund the petrochemical projects. Zangane also added that it is planned to use about $15 billion from the program to repair the oil refineries of the country.