Iran’s oil output rises by 50K bpd

Tehran, IRNA – The oil production of the Islamic Republic has increased by 50,000 barrels per day (bpd) due to the exploitation of two new oil fields in Iran.

Iranian President Ebrahim Raisi inaugurated the Sepehr and Jofeir oilfields in Khuzestan province and the West Karoon Region on Friday.

The goal is to extract 74,000 bpd of oil from these fields over a 20-year period, with an investment exceeding $2.8 billion.

At the beginning of Raisi’s administration, oil production had been less than 2 million bpd. However, since Raisi’s administration commenced, oil production has surged by 60%, daily natural gas production has increased by 50 million cubic meters, oil refining capacity has expanded by 210,000 bpd, and daily Iranian gas refining capacity has grown by 50 million cubic meters.

With an area of 352 square kilometers, the Sepehr and Jafir oilfields are located east of the Azadegan oilfield in southeastern Iran.

The development phase of these oilfields began in August 2019, aiming to strengthen the country’s energy diplomacy.