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News ID: 4129
Iran » Iran
Publish Date: 15:34 - 10 May 2014
Tehran, YJC. Zanganeh says he has failed to return Iran’s oil production to the 2005 rate.

Oil Minister Bijan Namdar Zanganeh who was speaking with Tasnim news agency said "Both the oil production rate and production capacity have improved since 9 months ago, but the government’s 7-months plan to reach the production capacity of 2005 failed.”

He added "At the beginning of the administration term we set the objective that was through a 7-month plan to increase the oil production capacity to 4 to 4.2 million barrels a day.”

Maintaining that the production capacity must be justified to the demand rate, refinement capacity, investment priorities, and export volume, adding "With the whole factors in mind, Iran’s oil production capacity did not hit 4 million barrels a day, however, it is quite close to the figure. The Oil Ministry’s program to increase Iran’s oil production capacity is still on.”

Zanganeh further said "As time passes and investments as well as operation of oil field expansion projects increase, especially in joint fields, the production capacity and production rate will increase as well.”

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