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Economy
2022-May-22  13:53

Official: Iranian Gov't Restores 1mln bpd Oil Production

TEHRAN (FNA)- Managing Director of the National Iranian Oil Company (NIOC) Mohsen Khojasteh Mehr said on Sunday that the government of President Seyed Ebrahim Rayeesi has managed to restore 1mln bpd of crude production which had been lost due to the US sanctions.

Iran produced 3.838 million bpd before the US pulled out of the nuclear deal in 2018 and had to make investments to keep producing oil wells from going offline in order to maintain the production capacity, Khojasteh Mehr said.

Iran lost one million bpd of its oil production, the CEO said, but President Rayeesi’s administration managed to revive the lost capacity by investing $500mln, resuming the pre-sanction levels, he added.

Khojasteh Mehr said that Iran can double its oil exports as soon as the sanctions are lifted.

He added that Iran was leveraging domestic capacity, including Iranian exploration and extraction companies and banks, to develop shared oil and gas fields in southern Iran.

Iran won’t wait for foreign countries since this would waste oil and gas reserves and cause the underground wealth to move towards neighboring countries, Khojasteh Mehr underlined.

"We want to take timely decision and measures relying on domestic capability," he noted.

Khojasteh Mehr said in March that Iran was designing plans and preparing ground for the production of over 4ml barrels of crude per day in the Persian New Year (started on March 21).

Iran’s prospect for the new Persian year is to ramp up crude oil production above 4 million barrels per day, the official said.

The focus will be on developing West Karoun, home to a cluster of oilfields which Iran shares with Iraq, to raise production to 1 million bpd, he said.

Khojasteh Mehr said there are no restrictions on foreign companies’ investment, but the priority is to use domestic companies.