National Iranian Oil Company (NIOC) plans to increase the country’s crude oil production capacity to 5.7 million barrels per day (bpd) over the next eight years, Mohsen Khojasteh-Mehr, the company’s managing director, said on Thursday.
Speaking on the sidelines of a visit to Kharg Island oil terminal, Khojasteh-Mehr said the increase in the country’s production capacity requires an increase in the capacity of export facilities.
The official noted that the capacity of Kharg oil terminal can also be doubled in case of necessity.
Meanwhile, NIOC’s Director of Corporate Planning Karim Zobeidi put the country’s current oil production capacity at 3.8 million bpd on Friday.
Back in November 2021, the Iranian Oil Ministry had announced that plans were underway to boost the country’s crude oil capacity to near four million bpd by March 2022, returning to levels not seen since before the U.S. withdrew from the nuclear deal and re-imposed sanctions on the country's crude sales in 2018.
In the budget bill for the current Iranian calendar year (starts on March 21), special attention has been paid to improving oil and gas production and developing energy infrastructure across the country in order to boost the oil output to 3.952 million bpd.