Iran to Drill 500 new Oil Wells in 5 Years

By John Lee.

Iran expects its oil production to reach 4 million barrels per day by mid-April, and plans to drill 500 new wells over the next five years to raise output to 4.7 million bpd, a senior oil official said on Saturday.

Iran’s daily output in January was close to 3.9 million barrels.

We were due to reach 4 million barrels …by the end of the (Iranian) year (March 20). This will be realized with a one-month delay,” said Ali Kardor, head of National Iranian Oil Company (NIOC).

Of course, Iran’s crude oil production reached 4.2 million barrels at a certain stage, but later fell,” he added, without giving further details.

Kardor said Iran’s next five-year plan which starts in March predicted the drilling of 500 new wells.

This will be needed in order to reach a production of 4.7 million bpd“, Kardor as saying.

Under a deal agreed to cut production by the Organization of the Petroleum Exporting Countries (OPEC) in December, Iran was allowed to boost output slightly from its October level. Tehran has long argued it needs to regain market share lost under Western sanctions.

(Source: NIOC)

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