Iran crude output to exceed 4 million barrels per day

Managing director of Petroleum Engineering and Development Company Naji Sa'douni says Iran's crude production will reach 4.85 million barrels per day over the next four years, Press TV reports.

Sa'douni added on Wednesday that his company would account for at least 700,000 barrels per day of the forecast output hike.

“Since it was founded, the Petroleum Engineering and Development Company has worked on 21 oil and gas projects worth 21.7 billion dollars and the implementation of some of those projects have helped increase the country's crude output by 662,000 barrels per day,” he noted.

Sa'douni added that by using modern technologies like intra-well electric pumps, production form 30 ageing Iranian oilfields can be increased to 700,000-800,000 barrels per day.