Oct 16, 2018, 7:28 PM
News Code: 83068382
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1st contract signed to reserve, increase oil fields' production

Tehran, Oct 16, IRNA – National Iranian Oil Company (NIOC) has signed 34 separate contracts to reserve and increase oil production in two oil fields of 'Sivand' and 'Esfand' in the Persian Gulf, said the NIOC Director General Kardar on Tuesday.

Kardor made the remarks on the sidelines of the Fourth Strategic Congress on Oil and Energy in Tehran on Tuesday.

'We have defined policies to consume condensed gas for domestic use,' he said.

It is possible to increase output capacity till eight million barrel per day through taking advantage of the new technological know-how, he said.

Even the US will not be able to meet the market demands in the absence of Iran's crude oil products, he said.

The IAEA has claimed that Iran's production capacity per day stands at 1.6 million per day but the figure is not correct as Iran avoids declaring the real figures to reverse enemies' calculations.

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