Managing-General of National Iranian Oil Company (NIOC) said on Wednesday that Iran plans to increase oil production to 4 million barrel per day in the Persian New Year which began on March 21.
Speaking to Petroleum Ministry’s news portal (Shana), Mohsen Khojasteh Mehr said that Supreme Leader of the Islamic Revolution Ayatollah Seyyed Ali Khamenei has repeatedly underlined the need for development and leveraging of the joint offshore and onshore oil fields which has also been stressed by the Iranian president and the Petroleum Minister.
Some 1 million bpd of oil is predicted to be extracted from West Karoon oil fields in western Iran most of which will come from shared fields with Iraq, he said.
The official noted that a total of $12 billion will be allocated to development of West Karoon fields, some $8 billion of which will be invested for the development of the shared fields.
He said that development of shared fields is Iran’s top priority.
Khojasteh Mehr said that Iran sees no restrictions for any investments made by foreign companies, while adding that domestic contractors will be prioritized in development projects.
In a live televised speech on the occasion of the Persian New Year (Nowruz) on Sunday, Supreme Leader Ayatollah Khamenei designated the new year as the year of “Production: Knowledge-Based and Job-Creating”.