“The latest reports show that Iran’s oil production has increased to 3.4 million bpd, while it was about 2.9 million bpd until recently,” Hamid Hosseini told said on Sunday.
Given that previously closed oil wells have been reopened and returned to the production cycle, Iran can increase its oil production to 3.8 million bpd, he said.
“If we seek to increase oil exports from 3.8 million barrels per day to 4.2 million stipulated in the 7th development plan, we need to invest an average of $25,000 per barrel of oil, but now, because these oil wells had been in production cycle previously, we have the opportunity to increase the oil production to 3.8 million barrels per day,” he explained.
Hosseini also said that about 40,000 bpd have been added to the country’s oil production from the Sepehr and Jofair oilfields, which can help with the economic growth of the country.