Middle East Africa
1m bbl rise in Iran's oil output since sanctions lift
- Iran's oil production increases with development of oil fields after sanctions lift since July 2015

Iran's daily oil production increased to 3.9 million barrels, an official from National Iranian Oil Company (NIOC) said late Monday, and this figure represents over one million barrels more than pre-sanctions production.

After the lifting of sanctions following the nuclear deal between Iran and the P5+1 countries in July 2015, Iran aims to accelerate developments to revive its oil and gas industries and has ramped up its production.

Iran's daily oil production was 2.85 million barrels in August 2015, according to OPEC's monthly oil report.

Iran has opened up the development of the second phases of the country's Yadavaran and North Azadegan oil fields to Chinese companies as part of its policy to seek foreign investment to develop its oil sector.

Chinese oil companies are ready to participate in Iran's oil field bids, Gholamreza Manouchehri, deputy managing director for development and engineering affairs of the National Iranian Oil Company (NIOC) said, according to Iran's official news agency IRNA.

Manouchehri underlined that Iran has already signed agreements with five international companies for the development of the Azadegan field.

The country has signed 12 Memorandum of Understanding (MoU), and is also expected to sign between 10 and 12 MoUs with international oil and gas companies soon, Manouchehri said in late December.

"NIOC undertook investment guarantees for foreign partners and investments in the upstream oil and gas sector also enjoy guarantees," Manouchehri said.

By Huseyin Erdogan

Anadolu Agency






11 Jan,2017