The Managing Director of the National Iranian Oil Company (NIOC), Ali Kardor, projects that Iran will be producing 4.5 million barrels per day (b/d) of crude oil by the end of 2022, according to SHANA, an Iranian news outlet.
Exports are expected to increase to 2.5 million b/d.
Iran currently produces 3.79 million b/d, up from 3.78 million b/d in July, Tehran Times reports.
Kardor also said that Iran’s natural gas production would climb to 1.3 billion cubic meters per day (bcm/d) and gas condensate output to 864,000 b/d in the same time period, SHANA reports.
Iran will add 420,000 b/d of oil from the West Karoun oilfield with an additional 280,000 b/d coming from other locations, Kardor told SHANA. The higher natural gas production will be extracted from the South Pars field.