Oil report

Iran to raise oil production to 4.5 million bpd within five years

Sept 10 (Reuters) - Iran will reach an oil production rate of 4.5 million barrels per day (bpd) within five years, Ali Kardor, the managing director of the National Iranian Oil Company (NIOC), said Sunday according to the oil ministry news site SHANA.

Iran has been producing around 3.8 million bpd in recent months.

Iranian gas production will reach 1.3 billion cubic meters per day and production of gas condensate will reach 864,000 bpd in the next five years, Kardor said.

The boost in oil production will come from an increase of 420,000 bpd from the West Karoun oil field and an additional 280,000 bps from oil fields in central and southern Iran as well as the Falat Ghare oil company, Kardor told SHANA.

Oil exports are expected to reach up to 2.5 million bpd within five years, Kardor added.

The increase in gas production is expected to come from South Pars, the world’s largest gas field, according to Kardor. (Reporting by Babak Dehghanpisheh; Editing by Mark Potter)