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Iran eyes 7 million bpd production goal

Iran unveils 7 million bpd oil production target.

Iranian oil minister, Bijan Namdar Zanganeh
Iranian oil minister, Bijan Namdar Zanganeh

 Iran has unveiled some of its oil sector achievements at the international conference on Technological Opportunities in the oil & gas industry. As one of the world’s largest oil producers Iran has significantly developed technology and industry in this field.

“In this conference we invited many countries European and Asian to attend this event to introduce RIPI to the world to increase our cooperation and also to export the technology we already developed in Iran,” said the deputy president of the Research Institute of Petroleum Industry (RIPI).

RIPI is closely affiliated with the National Iranian Oil Company and the research & development unit sets to return to record production once again with its new goals. Iran has unveiled its technological advancements in the petroleum industry which it hopes to turn into international investment opportunities. Its Research Institute which was established in 1959 is one of the leading research centers in the country, responsible for applied and developmental research.

"Great achievements have been reached by the Research Institute of the Petroleum Industry, 40 of the leading projects will be shown in the upcoming Iran Oil Show. This includes the design and operation of condensate refineries, increasing well production, reducing pollutants improving the quality of oil products, and reducing corrosion, and development plans for oil fields," said Hamidreza Katouzian, the president of RIPI.

The National Iranian Oil Company is the World's third largest and due to sanctions has had a reduction in production in recent years, however crude oil exports in February reached nearly 2 million barrels per day (bpd), the highest in two years. The country now aims to reach 7 million bpd once again.

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