Iran is planning to increase its oil output by 460 million barrels from 29 oilfields within three years, oil minister said according to Iranian oil ministry.
The plan will focus on oilfields of Ilam, Khuzestan, Gachsaran, Falat Qareh and Fars, Bijan Zanganeh was cited on SHANA, the news agency of the Iranian oil ministry.
Most of the work to increase the output at the oilfields will be carried out by Iranian companies, Zanganeh said.
“More than 75 percent of the equipment for developing the output is Iranian,” Zanganeh said, according to SHANA, while contracts for increasing output are currently underway.
Additionally, the oil minister said the longer term plan is to boost output to 2 billion barrels.