TEHRAN - Iranian Minister of Petroleum Javad Owji on Wednesday said the country’s gas export income amounted to $4 billion dollars in the first 4 months of the current calendar year, which began on March 21, which is equals to the figure for all of last year.
Speaking to reporters on the sidelines of the government cabinet meeting, he said: “In the first four months of this year, the collection of claims was upward compared to the 4 months of last year, and there was a 55% growth in the repatriation of oil export money and sale of crude oil, gas condensate and natural gas.”
He added: “Today, we had a resolution in the cabinet on the issue of contracts for the development of oil and gas fields, and for those fields whose recovery rate was below 20%, the administration allowed domestic and foreign investment to bring the figure to 33 to 34%.”
The Minister of Petroleum said: “Azadegan oil field, the largest joint oil field with Iraq, has used more than 7 billion dollars of the power and capacity of domestic financial resources in which 6 banks and 6 large economic holdings participate and become shareholders in the development of this field.”
Owji stated: “We started the development of Azadegan field and now we are extracting 190,000 barrels of oil from this field daily, and with the planning of the Ministry of Petroleum to use the capacities of different financial sectors of the country, within the next few years we will reach 570,000 barrels/day of oil output.”