Output at the fields west of the Karoun River, near Iran’s border with Iraq, which produced some 65,000 barrels per day in 2013, rose to about 250,000 barrels. The Oil Ministry’s News Service, Shana, reported Sunday that Mohsen Ghamsari, director for international affairs at the National Iranian Oil Compay, said in September that
President Hassan Rouhani, cited at a ceremony to formally open the project, said that Iran expected to reach that output target by the end of the year.
Saudi Press Agency reported on Sunday that Khalid Al-Falih, Saudi Arabia’s Energy Minister, said OPEC must agree to implement a proposed cut in crude production for OPEC countries. OPEC members meet on November 30 to discuss limiting the group’s output to a range of 32.5 million to 33 million barrels a day, compared with 33.64 million in October. That target has become harder to reach as several members boosted output.
Last week, OPEC reported that Iran raised its monthly output to the highest since international sanctions were lifted in January. An exemption was negotiated at a meeting in Algiers in September, to compensate for the production capacity lost when international sanctions targeted its oil industry. Iran has nearly recovered that capacity, and plans to further increase output with the help of foreign investment.
Rouhani said, “Oil production west of Karoun must reach one million barrels per day,” referring to the North Azadegan, Yadavaran and Yaran fields. “This is a realistic goal, and we need investment and technology.”
Although the details have not been made public, Iran has approved a new oil contract model to lure foreign investors. France’s Total SA became the first international oil company to sign a deal under the new energy contracts, after the reached an initial agreement to develop a natural gas field in Iran last week.