“We will enter the global market with high volume of production whenever we can and will take back our share from other countries,” Namdar Zanganeh said on Saturday.
He added that the contract to develop and exploit Yaran oil field has also been signed to increase the crude production capacity.
Namdar Zanganeh also underlined the need for using new methods, including E&P, to implement projects in the oil industry, saying that small companies have been created to this end so that they can help the oil ministry in conditions of sanctions and after embargoes.
Earlier this year, the CEO of Petroleum Engineering and Development Company (PEDEC) said new downhole pumps were being installed in North Yaran Oilfield which would increase the field’s oil output by the end of the current Iranian calendar year to March 20 2020.
"Successful installation of the first borehole pump in North Yaran in August led to increased productivity of the joint field which is continuing,” Touraj Dehghani said.
North Yaran Oil Field Development Plan, with a daily production capacity of 30,000 barrels/day, was inaugurated in November 2016.