Karim Zobeidi, Director of Corporate Planning at National Iranian Oil Co. (NIOC) announced the company’s plans to ramp up Iran's crude oil production capacity to 5.7 Mln bpd over the next eight years.
Speaking at the symposium of the NIOC and activists of capital market, held on Tuesday, 25th Jan 2022, Zobeidi highlighted the company's plans for the next eight years, and said: "Investment and partnerships of domestic investors in the drilling of oil wells are more important,” reported the News Agency of Iran Oil Ministry.
He4 added: "Planning to maintain production by repairing existing wells and constructing some process facilities and pipelines can be considered as other domestically investable projects."
Zobeidi said: "According to the plans, provided that new investments are made, the country's daily gas production capacity will reach 1.5 bcm within the next eight years."
Addressing the conference, Mohsen Khojasteh Mehr, Managing Director of the NIOC stated: “NIOC plans to reach the production capacity of 5.7 Mln bpd of crude oil and 1.5 bcm/d of gas, for which about $90 Bln should be invested in the oil sector and about $70 Bln in gas sector.”