Iranian oil ministry’s news outlet Shana reported on Sunday that the country’s crude oil production capacity is set to return to pre-sanctions levels by March 2022. Mohsen Khojastehmehr, the managing director of National Iranian Oil Company (NIOC), also noted that Iran’s oil production capacity could expand to 5 million bpd within ten years. The expansion will also include natural gas production. He said Iran’s gas output capacity could grow from around 1 Bcmd today to 1.5 Bcmd within a decade.
Khojastehmehr noted that a $160 billion investment would be required to expand Iran’s oil and gas capacity. Tehran plans to provide those investments from foreign and domestic funds. He added that once the upstream expansion is completed, Iran will increase its export capacity to 1.5 times higher than the pre-sanctions period. Khojastehmehr’s remark came just ahead of the next round of Iran nuclear talks, which could add around 1.5 million bpd to the oil market next year.
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Published on November 29, 2021 2:51 PM (GMT+8)Last Updated on November 29, 2021 2:51 PM (GMT+8)
