A Five percent growth was observed in production of crude oil and gas condensates in the first three months of the year (starting on March 21), compared to the same period the previous year.
Iran is ready to raise its oil production by 500,000 barrels per day immediately after lifting of sanctions, and then after a short interval by one million barrels a day.
Moreover, with completion of all phases of South Pars development project, the production of gas condensates will reach as high as one million barrels per day in the next three years.
Based on a report, production of gas in the first three months of the year, increased by 10 percent compared to the figure for the same period the previous year. Completion of phase 12 of South Pars gas field and commissioning of phases 15 and 16 as well as 17 and 18 led to a 10 percent growth in the gas production in the country.