National Iranian Oil Company (NIOC) Managing Director Gholamhossein Nozari has said that his company's goal was to raise by 2014 oil production capacity up to 7 million barrels a day from the current level of 4.3 million barrels a day.
As far as gas production capacity is concerned, NIOC's goal is to triple production from about 17.67 billion cfd to 55.30 billion cfd by 2014.
Earlier, Nozari told the 11th International Oil and Gas Forum in Tehran that according to estimates, Iran's oil reserves amounted to 137.5 billion barrels while total oil in place was about 740 billion barrels.
Speaking at the same Forum, the Managing Director of NIOC's refining subsidiary Mohammad Nematzadeh said that he expected Iran's oil refining capacity to almost double by 2012, i.e. from the current level of 1.7 million barrels a day to grow to 3.2 million barrels a day.
He added that investment of 18 billion dollars would be required to reach this target, but also noted that Iranian refineries would be able to process in six years' time 140 million litres of gasoline a day, which will greatly reduce the shortage in gasoline production. (ANI)
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