Iran's National South Oil Company Hiked Oil Output By 30% Over Past 6 Months - Head

Iran's National South Oil Company Hiked Oil Output by 30% Over Past 6 Months - Head

The National Iranian South Oil Company (NISOC) has increased its oil production by 30 percent in the second half of the past Iranian year, which ended on March 19, Ahmad Mohammadi, the company's managing director, told the IRNA news agency on Monday

MOSCOW (Pakistan Point News / Sputnik - 22nd March, 2021) The National Iranian South Oil Company (NISOC) has increased its oil production by 30 percent in the second half of the past Iranian year, which ended on March 19, Ahmad Mohammadi, the company's managing director, told the IRNA news agency on Monday.

The NISOC chief also forecast another 10-percent growth in the company's production capacity during the current Iranian year.

According to Mohammadi, the company intends to increase and maintain oil production, adding in total some 300,000 barrels per day to the production capacity.

The managing director added that the NISOC would quickly increase oil production once sanctions against Tehran are lifted, and reach the output levels the company had before the introduction of the restrictions.

On December 9, Iranian President Hassan Rouhani said that his country was planning to sell over 2.3 million barrels of oil each day next year, despite the US sanctions against Iran's petroleum ministry and the National Iranian Oil Company (NIOC) over financial support they allegedly provided to Iran's Islamic Revolutionary Guards Corps, which Washington regards as a terrorist group.

In January, Iranian oil companies signed eight agreements worth a total of $1.2 billion with the NIOC to increase the volume of the country's oil production.