Iran achieves target of 4m bpd oil output

EghtesadOnline: Managing Director of National Iranian Oil Company Ali Kardor said on Monday that NIOC has been able to achieve the target of four million bpd output in the wake of lifting the sanctions.

News ID: ۷۷۰۰۹۷

05 October 2016

He made the remarks in his speech to a group of the Petroleum Ministry officials.

Kardor said that Iran has been able to maintain its 14 percent quota in OPEC, according to IRNA.

Let's not forget that the rivals go on pumping oil and gas quickly, so Iran should not lag behind in producing oil and gas, Kardor said.

He said that Iran has also been able to raise its oil selling capacity to four million barrels.

'Our oil production capacity should reach 5.2 or 5.7 million bpd.'

Kardor said Iran has over the past 11 years, embarked on horizontal drilling in South Pars layer for three times and only 700 meters were drilled due to lack of necessary technology. 'Qatar, however, drilled 12 kms in joint oil layer horizontally and exploited 340,000 bpd oil.'

'We should update our technology and regain our rights in the joint fields; Any claim that incentives will be given to the foreign executives is wrong. We do not accept it at all because as far as oil contracts are concerned, we will notify the foreign contractors of all our terms and conditions. Now, we should do something to make other countries dependent on us because a country like Saudi Arabia has a close watch on Iranian oil talks and contracts with other countries. Also, Saudi officials give highest amount of discount to foreign customers in a bid to create problems to Iranian oil industry. We should take back our part in the oil industry and support our oil and gas development with all might because we are progressive in economy. We have been able to improve the country's economic growth with that amount of oil exports. The new model of oil contracts gives less than 8.2 percent share to foreigners and the remaining 92 percent of the privileges belongs to Iran government.'