NIOC Chief: Oil Is Key to Development

“Like it or not, oil industry is the key to development of the country. We will continue endeavoring seriously to ensure increase in oil production to the level of four million barrels per day; consequently, the increase in production to the level of 5.2 million barrels per day by end of the Sixth Development Plan is of high significance,” added Kardor.

In the years after Islamic Revolution, Iran’s oil production was ideally four million barrels per day and only under certain occasions and that thanks to the buy-back deals, the amount reached 4.69 million barrels per day; so, access to 5.2 million barrels per day is difficult and complicated with respect to the fact that a majority of the fields are in the second half of their life span, he added.

To achieve the goals, technology, capital and efforts are needed, he added.

“We should employ all our efforts to meet the target of four million barrels per day production and protect the level,” he added.