TEHRAN- Iranian Oil Minister Bijan Namdar Zanganeh outlined prioritized plans for the development of oil industry in the new Iranian calendar year which began on March 20, the Mehr news Agency reported.

With overcoming financial problems, the minister said, the plans are afoot for rapid development of new projects in the shared oil and gas fields especially in South Pars gas field (which Iran shares with Qatar in the Persian Gulf) and West Karoun oil fields (five oilfields which Iran shares with Iraq at the western part of Iran's southwestern region of Karoun).

According to Zanganeh, the high priority is set on clinching new deals for development of shared oil and gas fields as well as enhancing the extraction of oil from existing fields within the framework of the country’s new model of oil contracts dubbed as Iran Petroleum Contract (IPC).

The high priority is set on clinching new deals for development of shared oil and gas fields as well as enhancing the extraction of oil from existing fields.

Zanganeh said, “Inauguration and completion of phases 15 and 16 of South Pars gas field, regaining Iran’s share of oil and gas market, receiving finance and technical knowledge from other countries and operation of gas transiting projects are among the highlights of next year set of goals.“

In early March, Managing Director of National Iranian Oil Company (NIOC) Rokneddin Javadi said the rising trend of crude oil exports will continue in the next Iranian year during which total production will rise to 4 million barrels per day (bpd).

Since the lifting of sanctions, Iran has been working to raise production by 1 million bpd.

Iran also aims to nearly double gas production to reach one billion cubic meters per day in less than two and a half years.  

With its 34 trillion cubic meters of natural gas, Iran has the biggest gas reserves in the world.   

The country intends to enhance gas production by increasing foreign and domestic investment, especially in its South Pars gas field.       

SJ/MA/