RoydadNaft –  Iran’s President Masoud Pezeshkian presided over a meeting on Wednesday that focused on the progress of initiatives to increase oil production capacity, collect flared gas, and secure essential goods for the country.

During the session, officials reviewed reports from the Plan and Budget Organization regarding the implementation quality and progress of the initiative aimed at boosting oil production capacity by 250,000 barrels per day.
 
The project, which received funding approval from the Supreme Leader of the Islamic Revolution and is supported by the National Development Fund, is expected to increase annual oil revenues by $7 billion upon completion, utilizing resources from 40 oil fields across various regions. This meeting follows another session held on August 13 to assess the timeline for this urgent production increase.

Additionally, the officials presented updates on the gas flaring collection project, which aims to prevent the waste and environmental pollution caused by burning flare gas. Full implementation of this program is projected to add at least $6 billion annually to the country’s foreign exchange earnings while creating new job opportunities and mitigating environmental harm.

Another report presented at this meeting was related to the quality of the goods exchange plan and the import and supply of essential goods needed by the country. After listening to these reports, the president issued directives to improve and expedite their implementation.