News ID: 216475
Published: 0226 GMT June 10, 2018

Iran to raise oil production by 460m barrels in three years: Zanganeh

Iran to raise oil production by 460m barrels in three years: Zanganeh

Iran is pursuing a plan to increase its oil output by 460 million barrels within three years, said the country's oil minister.

Bijan Namdar Zanganeh further said that the plan will focus on increasing output from 29 oilfields, including in Ilam, Khuzestan, Gachsaran and Fars, reported Reuters.

The bulk of the work to increase the output at the oilfields will be carried out by Iranian companies, Zanganeh said. "More than 75 percent of the equipment for developing the output is Iranian," he added.

Iran's oil exports hit 2.4 million barrels per day (mbd) in May.

Based on the latest figures provided by Iran's Oil Ministry, the country also exported 300,000 barrels per day (mbd) of natural gas condensate.

The bulk of Iran's crude oil exports, at least 1.8 mbd, goes to Asia. Most of the rest goes to Europe and these volumes are seen by analysts and traders as the more vulnerable to being curbed by US sanctions, according to a report by Reuters.

Iran expects a rise of 200,000 bpd in its production of condensate — a form of very light crude oil produced in association with natural gas — within the next few months when its Persian Gulf Star Refinery is fully developed. The country exports most of its condensate — which has a wide range of use in the petrochemical industry — to South Korea.

Other reports said Iran was selling its crude at an average of $77.4 per barrel. Signs appeared earlier that showed certain refiners from Iran — one of Iran's biggest oil importers — were trying to frontload their purchases from Iran ahead of a November US deadline for re-imposing sanctions on the country's oil sector.

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