Iran to increase oil production by 460 million barrels in three years - oil minister

Iran is pursuing a plan to increase its oil output by 460 million barrels within three years, oil minister Bijan Zanganeh said on Saturday, according to SHANA, the news site of the Iranian oil ministry.

The plan will focus on increasing output from 29 oilfields, including in Ilam, Khuzestan, Gachsaran, Falat Qareh and Fars, Zanganeh said.

The bulk of the work to increase the output at the oilfields will be carried out by Iranian companies, Zanganeh said.

“More than 75 percent of the equipment for developing the output is Iranian,” Zanganeh said, according to SHANA.