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Minister of Petroleum Bijan Zangeneh says Iran currently produces more than 3.8 million barrels per day (bpd) of crude oil, roughly the same production level before the 2012 sanctions.

The country exported 2.6 million bpd of oil and condensate in August as it kept on the the push to win back its market share, Zangeneh said in Tehran on Tuesday.

“During these years, the fall in oil production from offshore and eastern Karun fields has been compensated and daily production of oil since the beginning of the eleventh government (in 2013) has reached about 280,000 barrels from about 70,000 barrels,he said.

The present production, however, is just not in any way proportional to the country’s reserves. Zangeneh said Iran is targeting a production capacity of about 4.8 million barrels per day in the sixth development plan (2016-21). This means Iran has so as to add 700,000 bpd to its overall output.

The oil fields in west Karoun, namely Yadavaran, Azadegan and Yaran, are among the highest priority projects for development by Ministry of Petroleum. In January, the ministry announced 34 foreign oil and gas companies as qualified to participate in any upcoming tenders for exploration and production.

On Monday, Zangeneh said his ministry is concluding the financial aspects of about 10 deals with foreign oil and gas companies which he expected by be signed by March 20, 2018.

Iran’s oil and gas development projects need $200 billion worth of investment and Asian and European companies have been discussing various aspects for partnership under a brand new contract formula.

The Iran Petroleum Contract (IPC), described as a hybrid model, will replace the buy-back contract. It is being touted as a risk service contract which includes integrated exploration, development and production.

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