Iranian Petroleum Minister Bijan Namdar Zangeheh has decided to increase the output of the country’s western joint fields to 200,000 barrels of crude oil per day.
Zangeneh has also revealed oil production from the fields will increase to 700,000bpd in the coming years.
There are five joint fields in Iran and Iraq: North Yaran, South Yaran, North Azadegan, South Azadegan, and Yadavaran. The last two having the biggest reservoirs of Iranian oil.
The Petroleum Minister cited the country’s petrochemicals exports have reached 20 billion dollars—a figure Zangeheh says will double in the next five years.
He also said Iran will increase cured refining capacity from 1.7 to 3 million barrels per day. This announcement indicates Iran plans on becoming the leading manufacturer of petrochemicals in the Middle East.
The secretary of the Association of Petrochemical Industry Corporations, Ahmad Mahdavi Abhari has said the country could potentially attract USD 70 billion in domestic and foreign investment.