The National Iranian Oil Company (NIOC) Chief Executive Officer (CEO) Mohsen Khojastemehr stated on Friday that the country is planning to increase its oil production capacity by 200,000 barrels per day (bpd) by March 2023.
Speaking to IRNA, Khojastemehr noted that that raise would bring Iran’s capacity to more than four million bpd by the end of the current Iranian calendar year.
Iran’s production capacity is at 3.838 million bpd at the moment, he said.
Khojastemehr also stressed the country’s readiness to expand its exports of the commodity and return to international markets “with maximum power.”
His comments were made not long after Iran’s NIOC and Russia’s Gazprom agreed to “the development of seven oil and gas fields” in a $40 billion deal, including a $10 billion project in Kish and North Pars gas fields located in the Persian Gulf as well as a $15 billion project to boost pressure at South Pars, the world’s largest gas field located on the maritime border between Iran and Qatar.
NIOC and Gazprom will also cooperate on finishing liquefied natural gas (LNG) projects as well as on building gas export pipelines and on swap deals between Iran and Russia involving natural gas and petroleum products.