News ID: 175469
Published: 0622 GMT January 10, 2017

Iran oil output nears 4 mbd

Iran oil output nears 4 mbd

Iran's oil production has reached around four million barrels per day (mbd) — yet another indication that the country is regaining its crude production capabilities after years of sanctions.

This was announced by Gholamreza Manouchehri, the deputy head for development and engineering affairs at the National Iranian Oil Company (NIOC), IRNA reported.

Manouchehri said that the country was already on the way to a stronger oil market recovery, underlining this would be expedited with the development of several key projects in the next few years.

He cited South Azadegan as a crucial project on which Iran was in talks with several global energy giants. The official added that a tender for the development of South Azadegan, which is located in the oil-rich southwestern province of Khuzestan, would be held within the next month.

The official said that the NIOC expects Chinese companies to team up with European giants on South Azadegan. He added that they would have to also bring an Iranian company on board based on the regulations set in the new format of Iranian oil-sector contracts.

South Azadegan was discovered in 2001 and was described at the time as the world's biggest oil find in decades.  It has recoverable reserves of about two billion barrels.

Iran has already signed five preliminary agreements with companies, including Shell, Total and Inpex, for the development of South Azadegan.

Security Key:
Captcha refresh
Page Generated in 2/8773 sec