Speaking in a local ceremony, Managing Director of National Iranian Oil Company Ali Kardor noted that increasing the oil output to 6 million barrels per day is quite possible by maximizing recovery rates and absorbing technology and foreign investment, IRNA reported.
Iran's crude production capacity is projected to reach 5 mbd by the end of the 6th five-year development plan to 2022, Iran Petroleum Ministry official webstie(Shana) quoted him as saying.
Iran's current production capacity stands at around 4 million barrels per day.
However, he added, the 6-mbd production capacity will be made possible no sooner than the second year of the 7th development plan.
The NIOC chief further said that oil production costs are still suitable for Iran, adding the industry is one of the most lucrative ones in Iran compared with other oil producing countries.
Regarding development of the supergiant South Pars Gas Field, Kardor said that development of the massive gas field will come to an end by 2018.
Iran shares South Pars, the world's largest natural gas reserve, with Qatar in Persian Gulf waters.
Commenting on US President Donald Trump threatening rhetoric against Iran's nuclear deal, he said, 'The Chinese and European (companies) are still willing to cooperate with Iran.'
Iran has been producing around 3.8 million barrels per day in recent months.