Iran can raise oil output by 1 million bpd in three months: NIOC official

Wed 21 August 2013 04:16 GMT | 09:16 Local Time

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On August 16, new Iranian Oil Minister Bijan Namdar Zanganeh said Iran’s oil production must exceed four million bpd for the OPEC member to tackle US-engineered sanctions."

A senior official at the National Iranian Oil Company (NIOC) says Iran can increase its crude oil production by at least one million barrels per day (bpd) within three months.

“Iran can, under a crash program, raise its crude oil output by at least one million barrels per day in less than three months by applying Enhanced Oil Recovery (EOR) techniques,” Director for Research and Technology at NIOC Mohammad Ali Emadi said on Tuesday.

 “Given the 25-percent average recovery rate in [Iran’s] oil reservoirs, it will be possible to reach the potential oil production ceiling of the country,” he added.

Emadi noted that Iran can easily enhance its oil production in the short and long terms.

On August 16, new Iranian Oil Minister Bijan Namdar Zanganeh said Iran’s oil production must exceed four million bpd for the OPEC member to tackle US-engineered sanctions.

Iran sits atop more than 96 billion barrels of in-place oil in the Persian Gulf.

The country envisages a one-percent recovery enhancement from its oil deposits by 2015 when the Fifth Five-Year Economic Development Plan ends.

With 137.6 billion barrels of proven reserves, the Islamic Republic has the world’s fourth largest crude reserves.

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