Oil minister: Six contracts worth $14.5b signed on joint fields’ development
Iran’s Oil Minister Javad Owji said that six contracts have been signed in the joint oil and gas fields, which are mostly related to joint fields in the west of Karun in southwest Iran, such as Azadegan and Yaran, adding that the value of the contracts is about $14.5 billion.
Owji made the remarks during Iranian President Ebrahim Raisi’s visit to the Oil Ministry on Monday, in which Raisi was briefed about the oil industry’s plans for the current Iranian year, IRNA reported.
“The country’s oil production will reach 3.6 million barrels per day (bpd) by the end of the current Iranian calendar year (ending March 19, 2024).”
Referring to the fact that Iran has 163 billion barrels of proven reserves, Owji added that Iran aims to reach 5.7 million bpd of oil production by the end of Iran’s Seventh National Development Plan, in 2026.
Owji said that in the Forouzan Oil Field, oil production was 24,000 barrels per day in 2021, adding that the amount has currently reached 30,000 barrels, and will increase to 40,000 bpd by the end of September 2025.