TEHRAN- Oil production in Iran will reach 4.05 million barrels per day (bpd) by the end of the current Iranian calendar year (March 20, 2018), National Iranian Oil Company (NIOC) Managing Director Ali Kardor told ISNA.

The official said that the output is going to reach four million bpd by the end of this year’s first month of Farvardin (April 20) and for the rest of the year just 50,000 bpd is planned to be added to the country’s output.

“The additional 50,000 bpd will be supplied by the South Azadegan field (in southwest Iran),” he noted.

Kardor also announced about boosting the country’s gas production saying “We hope to reach a daily production level of 1.1 billion cubic meters of gas by the end of the current fiscal.”

The official also predicted that for the upcoming year of 1397 (starting on March 21, 2018) some 25-30 million cubic meters will be added to the country’s daily gas output. Iran is currently producing 885 million cubic meters of gas per day.

International Energy Agency (IEA) has predicted that Iran will expand its oil production capacity by 400,000 bpd to reach 4.15 million bpd in 2022.
IEA also said the forecast hinges on whether the accord to lift international sanctions remains in place. Having been released last year from trade restrictions, the country has introduced a new contract model to attract foreign investors.

EF/MA