Foreign Policy
Sun Jul 12, 2020 1:54
Oil Minister: Iran to Continue Oil production Despite US Pressures
TEHRAN (FNA)- Iranian Oil Minister Bijan Zangeneh said that the US sanctions against Iran will not prevent the Islamic Republic from keeping up its crude production.

"Sanctions are not permanent. We need to increase our oil production capacity so that we can return to the market with strength," Zangeneh tweeted late Saturday.

He reiterated importance of increasing the capacity of oil production for Iran, and said, "By doing this, we will take back the share of Iran from the global market."

"The Yaran joint oilfield development agreement with an Iranian company was signed for this purpose," he added.

Earlier on Saturday, Zanganeh told the reporters at the signing ceremony of the Yaran joint oilfield development agreement that "Iran will not surrender under any condition, and we will continue to develop our oil industry."

North Yaran oilfield is located in Khuzestan province, nearly 130 kilometers West of the provincial capital, Ahvaz, close to Iran-Iraq border.

Once the first development phase is over, the field will produce 30,000 bpd of crude oil with a gravity of 16-18.

This contract aims at achieving an extra output of around 39.5 million barrels over the next 10 years with estimated direct and indirect capital costs of $294 million and operating costs of the facility during the contract period of $236 million.

 

 

 

 

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