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National Iranian Oil Company (NIOC) Chief Executive Officer Mohsen Khojasteh said on Friday that the country plans to increase its oil production capacity by 200,000 barrels per day by March 2023.
Speaking to IRNA, Khojasteh noted that this increase will lead to Iran's production capacity exceeding four million barrels per day by the end of the current Iranian calendar year.
Iran's current production capacity is 3.838 million barrels per day, he said.
Khojasteh also stressed the country's readiness to expand exports of this commodity and return to international markets "with maximum capacity."
His comments came shortly after an agreement between an Iranian oil company and Russian Gazprom to develop seven oil and gas fields in a $40 billion deal, including a $10 billion project in the Kish and North Pars gas fields located in the Persian Gulf, and a $15 billion project to pressurize South Pars, the world's largest gas field, located on the maritime border between Iran and Qatar.
NIOC and Gazprom will also cooperate in the completion of liquefied natural gas (LNG) projects, as well as in the construction of gas export pipelines and in swap transactions between Iran and Russia for natural gas and oil products.
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