Iran: increased oil production and energy agreements

Iran: increased oil production and energy agreements

Editorial Staff
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According to the Iranian oil Minister, $40 million of investments will be necessary in order to expect an increase in daily oil production

Iranian Oil Minister Bijan Zanganeh stated that Iran expects a daily production of crude oil of 4.6 million barrels per day (mb/d) as part of the sixth 5-year development plan (2016-2021). Zanganeh explained that $40 million of investments are needed to fund the growth of the country’s oil industry. The Minister then recalled that Iran currently obtains 75% of its crude oil production from 8 or 9 fields, active production sites for over 60 years that are slowly decreasing their output. The country also hopes to sign international oil agreements worth $15 billion by March 2017, with a new agreement model still in development. This was announced by Iranian Deputy Oil Minister Rokneddin Javadi, adding that “the new agreements will be signed in the second half of the next Iranian year", which ends on March 21, 2017.