Rouhani lauds Iranian oil industry

Iranian President Hassan Rouhani has commended the country’s oil and gas industry on ramping up production post-sanctions.

Speaking at the inauguration ceremony of the West Karoun joint oilfields on Sunday, Rouhani said the domestic industry had been a “leading body in taking advantage of the new opportunities.”

“In the post-sanction era, many said it would take years before Iran’s oil production could reach 2 million barrels in a day, but within a few months, the hardworking managers and engineers at the oil industry worked miracles and returned the country’s production to the level before the sanctions were imposed,” the president was quoted as saying.

Commenting on the work in West Karoun, Rouhani said that the combined output of the fields had been increased from some 65,000 bopd to 300,000 bopd. He added that the production potential of the area could reach 1 million bopd, but that this would require USD 18 billion in investment.

The West Karoun oilfields, located in resource-rich Khuzestan province, include Yadavaran, North Azadegan, South Azadegan, North Yaran and South Yaran oilfields.