Iran will launch about $15 billion worth of oil and gas projects in 2023, according to the country’s oil minister Jawad Owji.

All of the launched projects have had a direct impact on increasing the production capacity of the country, he added.

In the last Iranian year (March 2022-23), $12 billion worth of oil, gas and petrochemical projects were launched.

Currently, Iran’s daily crude oil production is 3 million barrels and natural gas output is 1 billion cubic meters, while the annual production capacity of petrochemical products is about 95 million tons, the Oil Ministry’s news service Shana reported.

Meanwhile, Russia and Iran have made progress regarding the participation of Russian companies in new oil and gas projects in Iran, Russian Deputy Prime Minister Alexander Novak said during talks with Owji in Tehran this week.

“We are implementing projects to develop oil fields in Iran and have outlined new projects, where I expect progress soon,” Novak said.

Source: Oil & Gas