Iran to set new record in oil, gas production this year

TEHRAN, Apr. 17 (MNA) – Iranian Oil Minister Javad Owji said Wednesday that Iran recorded a 20% increase in oil and gas production last year of 1402 (March 21, 2023-2024) in the Iranian calendar, predicting a higher production this year.

Speaking to reporters after a cabinet meeting on Wednesday Owji said that “We made a great investment in the Iranian year of 1402 in upstream and downstream sectors and we completed semi-finished projects worth $28 billion."

The oil minister added that, “Last year, oil and gas production growth was more than 20%.”

He also said that oil-related products and petrochemicals also witnessed growth, too.

Owji further noted, in order to have an increase in production this year of 1403 in the Iranian calendar (beginning on March 21), "We have planned new investments and also for increasing production by finishing remaining uncompleted projects.”

He also emphasized that, “We will try to set a new record [in production growth] this year that is even higher than last year’s 20%.”