Owji made the remarks during the Iranian President’s visit to the Oil Ministry on Monday, in which Raeisi was briefed about the oil industry’s plans for the current Iranian year (starting on March 21).

Referring to the point that Iran has 163 billion barrels of proven reserves, Owji added that Iran aims to reach 5.7 million bpd of oil production for Iran’s Seventh National Development Plan (7NDP).

Some six contracts have been signed in the joint oil and gas fields, which are mostly related to the joint fields in the west of Karun, such as Azadegan, Yaran, etc., and the value of these contracts is $14.5 billion, he added.

Iran’s Oil Minister said that in Forouzan Oil Field, oil production was 24,000 barrels per day in 2021, which this amount has reached 30,000 barrels and will reach 40,000 bpd by the end of September 2025.

Owji added that oil production from the Forouzan Oil Field has increased by 25% and the number of wells has increased by 8%.

Iranian Oil Minister Javad Owji recently told reporters that by exploiting this stage, the construction of South Pars refineries will be completed and this will be its last phase.

South Pars Phase 14 Refinery with the aim of producing 50 million cubic meters of gas for urban uses(methane) and 75,000 barrels of gas condensate and 400 tons of sulfur per day, as well as one million tons of LPG and one million tons of ethane per year in order to feed petrochemical units was inaugurated. The National Oil of Iran and Pars Oil and Gas Company in an all-Iranian consortium under the leadership of Iran Industries Development and Modernization Organization operated the massive national project.

More than 70% of the total goods required for the 14th phase of South Pars were supplied by domestic factories.

The huge offshore field covers an area of 9,700 square kilometers, 3,700 square kilometers of which are in Iran’s territorial waters in the Persian Gulf. The remaining 6,000 square kilometers, called North Dome, are situated in Qatar’s territorial waters.

The field is estimated to contain a significant reserve of natural gas, accounting for about eight percent of the world’s reserves, and approximately 18 billion barrels of condensate.

President Raeisi arrived in the southern province of Bushehr to inaugurate that project and some other government projects on Thursday morning.

Speaking to reporters in Kangan County in Bushehr Province, Javad owji, the Iranian oil minister said that the 14th phase of South Pars was the last dry refinery in the South Pars gas field, voicing optimism that Phase 11 of South Pars which is in the waters of Persian Gulf will be completed in the two months.

Iranian Oil Minister Javad Owji held a meeting with Minister of State for Petroleum Resources of NigeriaTimipre Sylva on Saturday morning.

Referring to the negotiations held between Iran and Nigeria on the sideline of the heads of the Gas Exporting Countries Forum (GECF)’s summit, Owji said Iran and Nigeria have good capacities in the field of energy.

Iran and Nigeria have large reserves of oil and gas, and Nigeria is the sixth exporter of LNG in the world, he added.

Owji also expressed hope for the development of cooperation between the two countries in this field of energy, saying that both countries are members of OPEC, OPEC+ and the JECF summit, which makes the necessary cooperation possible.

“We hope that cooperation in the field of energy will increase between the two countries with the signing of MoUs,” he added.

“We signed a memorandum of understanding to expand joint oil, gas and petrochemical cooperation, which was related to the export of technical and engineering services and energy development,” the Iranian minister noted.

According to Owji, Iran will export CNG technology to Nigeria and will use the capacity of Nigeria’s capabilities in the field of LNG.

Capable Nigerian companies will build mini-LNG and LNG units in Iran, he said, adding that the reconstruction and renovation of Nigerian refineries will be done by Iranian companies.