{"id":7782,"date":"2023-09-21T12:05:24","date_gmt":"2023-09-21T12:05:24","guid":{"rendered":"https:\/\/roydadnaft.ir\/English\/?p=7782"},"modified":"2023-09-21T12:05:24","modified_gmt":"2023-09-21T12:05:24","slug":"iran-regains-pre-sanctions-opec-rank-with-over-1m-bpd-output-hike-nioc-chief","status":"publish","type":"post","link":"https:\/\/roydadnaft.ir\/English\/7782\/","title":{"rendered":"Iran regains pre-sanctions OPEC rank with over 1m bpd output hike: NIOC chief"},"content":{"rendered":"

RoydadNaft – <\/a><\/span>\u00a0Iran has regained its pre-sanctions position in the OPEC crude oil production table with an increase of more than 1 million barrels per day (bpd) achieved under the 13th administration, said the National Iranian Oil Company (NIOC) managing director on Wednesday.<\/p>\n

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Last week, the Monthly Oil Market Report (MOMR) of the Organization of the Petroleum Exporting Countries (OPEC) showed that Iran has regained its position as the third-largest crude oil producer in August.<\/p>\n

According to the report, Iran\u2019s August oil output rose 143,000 barrels from a month earlier \u2013 the highest increase in the table \u2013 hitting 3 million barrels per day (bpd), following top producer Saudi Arabia and Iraq, respectively.<\/p>\n

Addressing the NIOC-Insurance Companies Forum, Mohsen Khojastehmehr added Iran\u2019s oil production stood at 2.25m bpd when the 13th administration took office while the figure has now reached 3.3m bpd and will hit 3.4m bpd within the next 10 days.<\/p>\n

\u201cWe have increased oil output by over 1m bpd as we are convinced that domestic production generates wealth,\u201d underlined the official.<\/p>\n

The country\u2019s oil production will soar to 5.7m bpd and gas output will reach 1.5 billion cubic meters per day (bcf\/d) by the next eight years, he added.<\/p>\n

Khojastehmehr said attraction of investors is the main factor for achieving the production target, adding $160 billion should be invested in oil and gas production projects.<\/p>\n

He said 100 investment opportunities in oil and gas industry will be offered in a conference in a couple of weeks, adding NIOC welcomes insurance companies\u2019 participation in the upstream sector of oil industry.<\/p>\n

\u201cWe have also tried to change the banks\u2019 role from lending organizations to investors,\u201d he pointed out.<\/p>\n

A multibillion-dollar contract on the integrated development of Azadegan oil field will be signed in the near future.<\/p>\n

Earlier, Fereydoun Kord-Zanganeh, (NIOC) director of investment and business development, who also attended the forum said a memorandum of understanding (MoU) was before signed and Dasht Azadegan Arvand Company was set up with a $7 billion investment made by two Iranian exploration and production (E&P) companies and eight banks to implement the Azadegan project.<\/p>\n<\/div>\n<\/div>\n

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