Bijan Nadar Zangeneh, Iranian Petroleum Minister, has revealed plans for a daily increase of 200,000 barrels of crude oil from the country’s western joint fields with Iraq.
Oil production from the joint fields will rise by 200,000 barrels per day (bpd) within eight months and surge to 700,000bpd in the years to come. Iran has five joint fields with Iraq, which include North Azadegan, South Azadegan, North Yaran, South Yaran and Yadavaran; two of which, i.e Azadegan and Yadavaran, reportedly hold the biggest reservoirs of Iranian oil.
The Iranian minister also noted that the country’s petrochemicals exports have soared over the past years resting now at over 20 billion dollars. Zanganeh added that the figure will double within the next five years.
He also stated that Iran will further enhance the crude refining capacity of its plants to three million barrels per day from the current 1.7 million in the coming years. Iran has already unveiled plans to become the leading producer of petrochemicals in the Middle East by significantly expanding the range and volume of its petrochemical production.
Ahmad Mahdavi Abhari, secretary of the Association of Petrochemical Industry Corporations, said last April the country’s petrochemical sector is capable of attracting USD 70 billion in domestic and foreign investment.