TEHRAN - Iran is planning to increase its oil production to 4.5 million barrels per day (bpd) within five years, Shana reported quoting National Iranian Oil Company (NIOC) Managing Director Ali Kardor as saying on Sunday.

Exempted from the OPEC, non-OPEC curbs, Iran has increased its crude output to 3.79 million bpd in August from 3.78 million bpd in July.

According to the official, gas production will also reach 1.3 billion cubic meters per day and production of gas condensate will reach 864,000 bpd in the next five years.

The boost in oil production will come from an increase of 420,000 bpd from the West Karoun oil fields and an additional 280,000 bpd from oil fields in central and southern Iran as well as the Falat Ghare oil company, Kardor told Shana.

Oil exports are expected to reach up to 2.5 million bpd within five years, Kardor added.

The increase in gas production is expected to come from South Pars, the world’s largest gas field, according to Kardor.

EF/MA