NIOC: Iran’s Oil Exports Increased by 40% at Height of Sanctions

Date: 03 April 2022 - 21:22

News ID: ۱۰۱۲۰۰

TEHRAN - The CEO of the National Iranian Oil Company (NIOC) Mohsen Khojasteh Mehr says the country managed to increase its oil exports by 40 percent at the height of restrictive measures imposed by the United States to choke off Iran’s energy sales.

Khojasteh Mehr announced that Iran’s crude oil production capacity has reached the pre-sanctions level of 3.838 million barrels per day (bpd), despite all the sanctions and economic pressure.

Over the past months, Iranian experts carried out more than 1,800 operational works and over 250 overhauls in oil wells, he said, adding that they also put about 13 new oil wells into the production phase.

Asked whether the surge in oil production capacity was due to the easing of U.S. sanctions, Khojasteh Mehr replied that the figures had been achieved “at the height of the excessive restrictions.”

“The Iranian nation has always achieved the greatest success in the most difficult conditions,” he said.

“We increased exports by 40 percent and exceeded our commitments regarding the value of exports in the annual budget at a time when not only the sanctions were not eased but we even faced a host of [new] restrictions that created disruptions for oil buyers, intermediaries, and maritime navigation systems,” he asserted.

The NIOC chief also said the company has identified new markets and is using modern methods in its contracts as well as a new logistics and transportation system.

He further noted that the country’s entire financial, monetary and banking network has been at work to ensure the reimbursement of payments.

Iran to Begin Development of Joint Arash Gas Field

Mohsen Khojasteh Mehr says Iran will launch a plan to develop the Arash natural gas field shared with Kuwait and Saudi Arabia in the near future, after the pair agreed to begin development activities in the offshore reservoir without Tehran.

The CEO of the NIOC said that “preliminary and seismological studies have already been conducted” at the field.

“The development plan has been approved at the NIOC and will soon be launched,” he added.

“Developing joint oil and gas fields are among the NIOC’s priorities.”

Recently, Kuwait announced a plan to extract 1 billion standard cubic feet per day of gas and 84,000 barrels per day of condensate from the field under an agreement signed with Saudi Arabia.

Iran dismissed the agreement as “illegal”, saying it breached their discussions to build the field together.