Iran has increased its oil production to 50,000 barrels per day (bbl/d) driven by the exploitation of two new oil fields, Sepher and Jofeir.

These fields were inaugurated by Iranian President Ebrahim Raisi in Khuzestan province and the West Karoon Region on Friday.

The goal of these new oil fields is to extract 74,000 bbl/d of oil over a 20-year period, with an investment of over $2.8 billion.

Iran’s oil production has increased by 60% since the beginning of President Raisi term. Daily natural gas production has also increased by 50 million cubic meters, while oil refining capacity has expanded by 210,000 bbl/d and daily Iranian gas refining capacity has grown by 50 million cubic meters.

The Sepehr and Jofeir oilfields, covering an area of 352 square kilometers, are located east of the Azadegan oilfield in southeastern Iran.

The development phase of these oilfields began in August 2019 for further boosting the country’s energy sector.