Apr 30, 2024, 4:36 PM
News ID: 85462307
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Iran plans to boost oil production by 400,000 bpd: Minister

Apr 30, 2024, 4:36 PM
News ID: 85462307
Iran plans to boost oil production by 400,000 bpd: Minister

Tehran, April 30, 2024 - Iran's Oil Minister Javad Owji has announced plans to increase the country's crude oil production by 400,000 barrels per day (bpd).

Owji was speaking on the sidelines of a signing ceremony for 16 gas field development projects with petrochemical holdings and Iranian exploration and production companies on Tuesday.

He said with the completion of various projects this year (April 20- March 19) Iran's oil production will increase by 400,000 bpd.

The projects will involve over $7 billion in investments and will also bring more than 130 million cubic meters of gas per day on stream, helping to supply feedstock to the country's petrochemical plants and develop its gas fields, he added.

Additionally, Iran will see a daily increase of 35 million cubic meters of gas production and its refining capacity will enhance by 50,000 bpd, the minister added.

Owji also said that Iran will convert methanol to gasoline as part of the country's efforts to boost its energy production and refining capacity.

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