Iran Gearing Up For 4m bpd Oil Output

Tehran, Dec 8, IRNA -- Managing-Director of National Iranian Oil Company Rokneddin Javadi said Iran’s oil production capacity will reach four million barrels per day in the near future. Iran’s oil production capacity rose to 3.5 million bpd in the Iranian month of Aban which ended on November 21, a big jump from September. Javadi said that NIOC has planned to raise the country’s oil output to 3.85 million bpd by the end of the current Iranian year on March 20, 2014. Oil Minister Bijan Namdar Zanganeh told reporters in Vienna that Iran will under any circumstances bring its oil production to four million bpd. Meanwhile, Javadi said that planning is underway to speed up development of South Pars oil and gas fields including phase 17 or 18 of the giant offshore gas field which is is expected to come on stream next year./end