Iranian Oil Minister Javad Owji says that regarding forecasts for an annual 8 percent growth during Iran’s seventh five-year development plan, the country is targeting a 5.5 million barrel per day (bpd) for oil production.
Addressing a national conference on growth in production and tackling inflation, the minister said that as much as $20 billion of investment has to be made in different phases of the South Pars Field in southern country over the next eight years.
Before the 1979 Islamic Revolution, Iran’s oil industry mostly relied on foreign experts while now the country is self-sufficient in all parts of the industry, Owji said.
The enemies failed to prevent the development of Iran’s oil industry even during the sanctions, he said, hailing some $150 billion of investment in Pars Special Economic Energy Zone and the exports of techno-engineering services to other countries over the past few years.
Elaborating on the achievements of the Iranian government under President Ebrahim Raisi, he said that since August 2021 when the new government was formed, Iran’s oil output has increased by 60%, natural gas output has exceeded 1 billion cubic meters a day (bcm/d), and the country is producing over 760,000 barrels of gas condensates.