2 Persons
17 March 2024 - 22:53
Iran's oil production to increase by 400,000 bpd

Iranian Oil Minister Javad Owji says that the country's oil production will be increased by 400,000 barrels per day.

Owji made the remarks on Wednesday while speaking at a ceremony in which several contracts were inked regarding the development of six oil fields.

The contracts over the development of Azadegan, Azar 2, Sumar, Saman, Delavaran, and Masjed Soleyman oil fields, worth 13 billion dollars, were signed in the presence of the Iranian oil minister, Iranian President Ebrahim Raeisi, and the CEO of National Iranian Oil Company (NIOC).

Saying that favorable investments were made during President Raeisi's administration, Owji said that nearly 130 half-finished projects were completed and 50 new projects worth 28.5 billion dollars were started.

Five petrochemical plants are ready to be opened which will contribute to increasing the oil production, he said, adding that during President Raeisi's administration, 5,500 villages were supplied with gas.

"We were able to increase the economic growth of the oil and gas sector to over 20% per year," he added.

News ID 197266

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