Iran will soon launch 32 oil projects worth a total of $4.6 billion as it aims to boost its production.
Iran will soon launch 32 oil industry projects worth a total investment of $4.6 billion, Iran ian Petroleum Minister Jawad Owji said on Wednesday. Iran has also begun work on 50 new oil projects worth a total of over $50 billion, Iran ian media quoted Owji as saying. Since 2021, Iran has boosted its oil production by 60%, the oil minister said earlier in May.
The production increase effort will focus on six fields, including the biggest one that Iran shares with neighbor Iraq—Azadegan—and its oldest producing field, Masjed Soleyman. The latter is the oldest producing field in the Middle East, with a total output to date of over a billion barrels. Iran plans to increase its crude oil output to 4 million bpd, the country’s Tasnim news agency reported earlier this week, as cited by Reuters.
Crude Oil Oil Projects Production Oil Minister Tehran Energy
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