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NIOC Plans to Increase Oil, Gas Output, Export

The National Iranian Oil Company plans to increase oil and gas production in the next decade, the managing director of NIOC said.

“In case all the requirements of the plans are provided, in the next 10 years, daily gas output will reach 1.5 billion cubic meters and crude oil production capacity will reach 5 million barrels per day,” Mohsen Khojastehmehr was also quoted as saying by the Oil Ministry’s news agency Shana.

“The output has been planned in view of the country’s high potential regarding oil and gas reserves,” he added, noting that Iran holds about 1,200 billion barrels of oil equivalent underground, which include reserves of crude oil, natural gas and gas condensate.
Source: Financial Tribune

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