National Iranian Oil Company (NIOC) is planning to boost the country’s oil production to 4.03 million barrels per day (bpd) in the current Iranian calendar year (ends on March 20, 2023), Shana reported on Monday, quoting an official with the company as saying.
According to Hormoz Qalavand, NIOC’s director of oil and gas production supervision, every year NIOC prepares a comprehensive plan to determine the targets for oil production and recovery maintenance, and in the current year the company has set it on the agenda to increase the country’s daily oil output capacity to 4.03 million.
In order to provide the requirements and conditions to achieve the mentioned goal, numerous technical, expert and management meetings have been held between NIOC and its subsidiary companies, Qalavand said.
NIOC Managing Director Mohsen Khojasteh-Mehr had said early in May that the company plans to increase the country’s crude oil production capacity to 5.7 million barrels per day (bpd) over the next eight years.
He said the increase in the country’s production capacity requires an increase in the capacity of export facilities.
NIOC’s Director of Corporate Planning Karim Zobeidi had earlier put the country’s current oil production capacity at 3.8 million bpd.