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EghtesadOnline: President Hassan Rouhani said on Sunday that Iran can produce up to one million bpd oil from fields west of Karoun River in Khuzestan Province.

President Rouhani made the remarks in his statement to ceremony marking inauguration of three giant oil projects West of Karoun.

According to IRNA, he hoped that the oil executives would produce 600,000 bpd oil and even one million bpd oil from Yadavaran, Azadegan and Yaran fields west of Karoun of Khuzestan province, saying that it is possible.

He said that west Karoun is among fields of Iran's activity after the Iraqi-imposed war 1980-1988. 

'Even up to 65,000 barrels used to be produced from the area in past. Today, after three years, we speak of a figure above 250,000 barrels.

In light of capacity of Yadavaran, Azadegan and Yaran oilfields, Iran is capable of producing 300,000 bpd oil.

Rouhani said that to have one million bpd oil output from the area, capital and technology are needed and having both the two, everything can be available. Our capital is limited, so huge capital and technology are required for the next phases.

'Seven billion dollars have been spent in the region so far and $18 billion investment is needed for the next phases.'

'The enhanced recovery technology is of importance for us; it means how much an oilfield can be used. Any success to raise the recovery by one percent, given a reservoir of 67 billion dollars worth in the area, there will be 670 million barrels of oil, which is a high figure. Oilfields should be rejuvenated by satisfactory maintenance for a long period utility. This needs technology because it is constantly changing and certain projects need huge capital and precise technology, which will be to the benefit of the country.'

Elsewhere the president said after implementation of the Joint Comprehensive Plan of Action (JCPOA), some believed that it will take several years to reach oil export of two million bpd from one million bpd and the goal of recourse to the pre sanctions era will not be possible so soon. 

Meanwhile, Minister of Petroleum Bijan Zangeneh told the ceremony that production of crude oil from West Karoun oilfields has reached 300,000 bpd and that the development projects at North Azadegan, Yadavaran and North Yaran oilfields have become operational.

Zangeneh said that production of crude oil from the region stands at 250,000 bpd which can reach 300,000 bpd. 

This is while the region yielded only 65,000 bpd oil at the time President Rouhani took office in 2013, the official said. 

He said some $7b has been invested in West Karoun fields so far, making it one of the country's biggest energy investments ever. 

He further said Iran will need at least 18 billion dollars for developing the region's oilfields that it shares with Iraq to bring its crude oil output to a million barrels per day. 

Zanganeh, Minister of Interior, Gholam-Reza Rahmani Fazli, Secretary of Supreme National Security Council Ali Shamkhani, Managing Director of National Iranian Oil Company (NIOC) and Deputy Minister of Petroleum Ali Kardor, Director of National Iranian South Oil Company Bijan Alipour were present in the meeting.

Hassan Rouhani Iran oil