TEHRAN – Iranian Oil Minister Bijan Namdar Zanganeh put the country’s oil production at 3.8 million barrels per day (bpd) of which 2.6 million barrels is exported to world markets, IRNA reported on Monday.

According to the report, the figure for exports is regarding the last Iranian calendar month of Mordad (July 23- August 22).

’Lack of investment, technology main challenges of oil industry’

The minister stressed lack of investment and technological weakness as the main challenges that Iran’s oil industry is facing, saying, “We need to provide the grounds for production of science and technology inside the country and also receiving knowledge through cooperation with developed countries.”

The official also mentioned the Western imposed sanctions as the main cause of low investment in the country’s oil industry and noted that banking issues must be resolved in order to attract investment for development of joint fields and to increase oil fields’ recovery factor.

 ‘Oil production not proportional to reserves’

Elsewhere in his remarks, Zanganeh asserted that the country’s oil production is not at an ideal level and Iran’s oil reserves have the potential for a much greater level of production.

“We have targeted a daily production of 4.8 million barrels in Sixth Five-Year National Development Plan (2016- 2021),” he added.

EF/MA