Iran has recently boosted its oil and gas production capacity to 4.3
million barrels of oil equivalent a day and could reach 4.5 million
barrels a day within two years, but it needs $15 billion a year to
develop new projects, Iran's Oil Minister Gholam-Hossein Nozari said
Thursday.
"We're confident we can reach 4.5 (million barrels a day) in
capacity on our own," Nozari said. Actual production is currently 4.15
million barrels a day, he said. Iran's production capacity was
previously 4.1 million barrels a day.
Nozari said Iran is still in talks with French oil and gas
company Total SA over the proposed South Pars gas development,
the final decision for which has been delayed due to concerns over
rising costs.