Iran eyes 1m b/d oil output hike in 4 years

Tehran, May 6, IRNA - Iran plans to raise production from oil fields shared with neighbors by 1m b/d over the coming four years, Petroleum Minister Bijan Namdar Zanganeh said on Tuesday. “We have started our activity for a one-billion-barrel increase in crude oil production capacity from our joint fields in the coming four years. If this objective is realized, Iran’s petroleum industry will register its biggest ever bargaining chip,” SHANA quoted Zanganeh as having said at the inauguration ceremony of Tehranˈs Oil and Gas Show. He said the planned increase will create proper conditions for drillers, manufacturers of wellhead and downhole equipment and other service providers. Zanganeh assured that his ministry will concentrate its attention on the giant offshore South Pars gas field, adding that 17 under-developed phases of the big reservoir will be completed in 3.5 years. The official said his ministry will defeat international sanctions. “We will rid Iran of the sanctions,” Zanganeh said, adding, “we have proven our industriousness even under the most difficult conditions and we hope that we will get rid of these sanctions which enemies have imposed on Iran. He concluded by saying, “we will rid the Iranian people of these sanctions, because the nation should not suffer so much.” end