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Oil output capacity seen rising 25% in 5 years

Source: www.gulfoilandgas.com 5/27/2017, Location: Asia

Iranian Oil Minister Bijan Namdar Zanganeh has said he sees the country adding 25 percent to its oil production capacity in the next five years.

Development of new fields as well as improved oil recovery from mature reservoirs should allow the country to have the capacity to pump about five million barrels per day (bpd), he added.

He made the remarks in an interview with Reuters on the sidelines of the 172nd official OPEC meeting which was held in Vienna on May 25.

Iran is currently producing four million bpd.

The country is also going to ink deals with oil majors this year to help reaching its planned goals for the oil industry.

“Hopefully this year Iran will sign oil deals with France’s Total, Russia’s Lukoil as well as Danish Maersk and maybe Indonesia’s Pertamina.”

Iran sees no limitations in negotiation with the U.S. oil companies and these companies are limited by the laws of the United States Congress, Shana reported.

On Thursday, IRNA quoted Zangenh as saying that Iran’s main policy in oil industry for the upcoming years is to expand destination markets.

“We don’t want our markets to be limited to just a few Asian countries anymore.”

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