Iran Press/ Iran news: Speaking at a public meeting of the parliament, Javad Owji provided a report on the performance of the Petroleum Ministry during the first three years of the 13th administration.
He noted that when he took over the ministry in September 2021, Iran's actual oil production had reached 2.1 million barrels per day, and oil exports were at their lowest level in a decade.
Owji highlighted the challenges faced by the ministry, including the removal of sanctions, the provision of targeted subsidies, and the need to boost oil production.
He emphasized that the country was facing intense energy imbalances, including instability in providing fuels, and that natural gas storage projects were abandoned and many onshore and offshore shared oil fields' development plans were neglected.
Despite these challenges, the minister noted that the 13th administration's petroleum ministry has managed to raise oil production by more than 1.4 million barrels per day, with the bulk of it due to signing investment contracts with domestic contractors and manufacturers.
He also highlighted the country's natural gas production, which has gone up by more than 50 million cubic meters per day, and the increase in oil refining capacity by 270 thousand barrels per day.
Owji emphasized that the country's economic growth is now driven by the oil sector, with the sector's economic growth ranking first among other sectors for three consecutive years.
He noted that half of the country's economic growth comes from the oil sector's performance, with the Statistical Center of Iran announcing the oil sector's economic growth stands at 20 percent and above all other sectors' performance.
The minister also highlighted the completion of 155 upstream and downstream sectors' half-finished projects, worth $34 billion, during the past three years, including the development of the South Pars gas field phase 11, which was previously slated to be developed by Total with $4.5 billion in investment.
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