‘Iran able to add up 800,000 bpd of oil’

A global energy consultancy firm says Iran will be probably able to add up to 800,000 barrels of oil per day in the next six months.

Iranian officials have said the country would be capable of raising output by 500,000 bpd within two months and one million bdp after six months.

Washington DC-based SVB Energy appeared to be giving credit to those projections, saying Iran could produce 800,000 additional barrels in the next six to 12 months if sanctions are removed.

The report also said Iran’s total condensate production capacity from South Pars could rise to about 700,000 to 800,000 barrels by 2018 and to a million barrels by 2020.

Iran would need at least $70 billion of investment to reach its midterm production capacity goal by 2020, the consultancy firm said.

Iranian Minister of Petroleum Bijan Zangeneh recently announced demand for $40 billion for South Pars development plans and $20 billion to increase oil production from the West Karun field.

A senior energy official has said Iran’s oil industry, with an investment plan worth $200 billion, is the most attractive market for international investors.

Deputy Oil Minister Rokneddin Javadi has said that Iran’s oil exports could return to the pre-sanctions level over a period of three or four months.

“We hope we would be able to raise exports to about 2 million bpd in a space of three to four months after sanctions are eliminated,” he said in May.