Iran's oil production capacity to increase to 4.7m barrels

Managing Director of National Iranian Oil Company said that the country's potential oil production capacity is four million barrels a day, which will increase to 4.7 million barrels by the end of sixth development program.
Rouknoddin Javadi made the remarks at Iran's drilling industry conference here.
In spite of ability to produce four million barrels of oil a day, the real figure is less than it because of a number of issues related to sanctions.
He added that Iran produces around 650 million cubic meters of gas, which is to be raised by the end of Fifth Development Plan to one billion cubic meters.
Javadi said that drilling in deep water in Iran is in its preliminary phase, adding that for development of drilling in Caspian Sea and Oman Sea, Iran needs development of its deep water drilling know-how.
He called drilling industry in Iran as a young industry and said that its background goes to post-Islamic revolution era when foreign drilling companies left Iran.
In drilling industry know–how Iran, has made good progresses, although in sections such as oil rigs and drilling services, Iran has not cut its dependence on foreign countries.
He went on to say that currently 150 off-shore and on-shore oil rigs are active across the country and around 50 percent of drilling industry activities are being done by the private sector.