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News // Oil and gas worldwide

Iranian crude oil exports close to record 3 million bpd

04 April 2017 , 12:11Neftegaz.RU529

Total exports of crude oil and condensate averaged 2.8 million bpd in the months up to the new Iranian year (started on March 21), reported iranian NIOC on April 3, 2017.

 

Iran's total exports of crude oil and gas condensate neared a record 3 million barrels per day (bpd) in the Persian month of Esfand which ended on March 20, Minister of Petroleum, Bijan Zangeneh said.

Iran has been ramping up crude oil production to win back its market share since sanctions were lifted on the country in January 2016 under a nuclear accord with 6 world powers.

 

«The pace of growth in Iran’s crude oil production and exports has amazed international observers who did not think Iran could raise its production by 1 million barrels per day within 3 to 4 months after the removal of sanctions,» Zangeneh stated. «We have managed to establish this rate as a right of the Islamic Republic of Iran in the OPEC and bring Iran’s (market) share to the pre-sanctions levels,» he said.

 

The Oil minister also said a series of South Pars development projects, implemented with $20 billion of investment, will become operational in the current Iranian year.

He noted that phases 17, 18, 19, 20 and 21 as well as South Pars' oil layer are among the projects to come online.

 

Also, France's Total is seeking a 50.1% stake in the $4 billion South Pars Phase 11 development and the company inked a preliminary agreement with Iran last year.

 

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