INSUBCONTINENT EXCLUSIVE:
TEHRAN- The managing director of the National Iranian Oil Company (NIOC) called the implementation of the South Pars phase 11 development
project a unique task.Making the remarks in a press conference on Wednesday, Mohsen Khojasteh-Mehr emphasized that phase 11 implementation
production capacity of two billion cubic feet per day or 370,000 barrels of oil equivalent per day
The produced gas will be fed into Iran's gas network.Iran had previously awarded the development of the phase 11 project to a consortium
Company (NIOC), however, Total and CNPC pulled out of the project in 2019 due to the United States sanctions.Currently, Petropars is
developing the phase 11 project after its partners left the contract.The drilling operation for the first well of mentioned phase was
officially started in December 2020
In the early production stage, the output of this phase will reach 500 million cubic feet (equivalent to 14 million cubic meters) per
the next week, and another 100,000 barrels will be added by the end of the first half of the current [Iranian calendar] year (September
22).According to the data presented at the Organization of the Petroleum Exporting Countries (OPEC) Annual Statistical Bulletin 2023, in
of the implementation of the nuclear deal (2016) when the figure was $41.1 billion.The increase in Iran's oil exports to 1.4 million
barrels per day (bpd) at the end of 2022, according to Kepler's statistics, and the increase in oil prices are among the reasons for
Iran's oil income in the mentioned year.Iran has been increasing its oil production and exports over the past few years despite the United
States sanctions.Back in June, Bloomberg reported that the production and export of Iranian oil in 2023 have reached record highs since the
surged to the highest level since the United States unilaterally re-imposed sanctions on the country in 2018.
