Minister: $36 Billion Worth of Projects Defined for Optimizing Iran Oil Industry

Date: 14 August 2023 - 21:46

News ID: ۱۱۸۲۶۵

TEHRAN – Iran Petroleum Minister Javad Owji said on Monday that the country’s oil production has reached 3.190 million barrels of oil per day (bpd), adding that $36 billion worth of projects have been defined in the Council of Economy for the optimization of the oil industry in different sectors.
Speaking at the inaugural ceremony of the International Iran Productivity and Consumption Optimization Exhibition and Conference, Owji emphasized called the oil industry one of the most important industries in the country.
The Oil Ministry is tasked with providing energy security, he said, adding that 95 percent of the country’s energy comes from oil.
Turning to oil production in Iran, he said over 3 million barrels of oil per day are produced in the country.
Owji put the gas production in the country at 1 billion cubic meters per day.
He further said $15 billion worth of semi-finished oil projects were completed and launched last year (ended March 20, 2023), adding that that $12 billion worth of semi-finished oil projects will be put into operation by the yearend (March 20, 2024) which will considerably increase production of oil, gas and oil byproducts.
Once optimization of oil and gas consumption is done effectively, a large portion of the country’s energy imbalance will be compensated, Owji went on to say.