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Iranian oil production to exceed four million bpd

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The National Iranian Oil Company (NIOC) has plans to increase its oil production capacity to 4.038 million barrels per day (bpd) by March 20, 2023, which is the end of the Iranian calendar year.

The NOIC prepares a comprehensive plan every year that sets such targets for recovery, maintenance and oil production. To achieve the necessary conditions to meet this goal, NOIC executive Hormoz Qalavand said that the company had been having a series of managerial, expert, and technical meetings with its subsidiaries:

“In addition to the detailed review of the plans, financial aspects of the programs have also been discussed in these meetings and an operational plan is formed in accordance with the country’s current economic conditions. The plan is now ready to be approved by the NIOC board of directors.”

Qalavand said that equipment would be needed to restore existing wells and drill new ones, as well as core tubes and drilling rigs. The other measures that will be needed include replacing or repairing turbo-compressors and adapting transmission pipeline coating.

Oil production dropped in Iran when the US withdrew from a 2015 nuclear deal and re-imposed sanctions on the country, but negotiations have been ongoing to revive the deal. Should these efforts be successful, it would open the way for multinational oil majors to develop hydrocarbon resources in Iran. For example, Shell, the maker of the Rimula commercial vehicle oil, has a provisional agreement to develop the South Azadegan, Yadavaran, and Kish oil and gas fields there.

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