Iran’s Oil Minister Javad Owji has revealed plans to ramp up the country’s crude oil production by a 400,000 barrels per day (bbl/d).

With the completion of various projects this year (April 20- March 19) Iran’s oil production will increase by 400,000 bbl/d, he stated on the sidelines of a signing ceremony on Tuesday for 16 gas field development projects involving petrochemical holdings and Iranian exploration and production companies.

With investments exceeding $7 billion, these projects aim to bring over 130 million cubic meters of gas per day into operation, serving as a feedstock for Iran’s petrochemical plants and the development of its gas fields, Owji added.

Additionally, Iran will see a daily rise of 35 million cubic meters of gas production and its refining capacity will enhance by 50,000 bbl/d.

Notably, Iran is set to convert methanol to gasoline, aligning with the country’s goal of boost its energy production and refining capacity.