Iran plans to increase oil production capacity by 700,000 BPD within 4 years

An oil pump is seen operating in this file photo.(Reuters)
Updated 08 February 2018
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Iran plans to increase oil production capacity by 700,000 BPD within 4 years

PARIS: Iran aims to raise its crude output capacity to 4.7 million barrels per day within the next four years, deputy Oil Minister Amir Zamaninia told a conference in Paris.
“We are striving — to be very cautious and not ambitious — for the next 3, 4 years we are planning to increase our production by about 700,000 taking our production to 4.7 million bpd,” Zamaninia said.
He added that it could rise to as much as 1 million if Iran was able to reach deals on the development of four of its oil fields with international companies.


Iran says navy mounts new defense system on warship

Updated 19 min 28 sec ago
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Iran says navy mounts new defense system on warship

  • The US military’s Central Command confirms it has seen increased Iranian naval activity
  • Iran has developed a large domestic weapons industry to achieve self-sufficiency

DUBAI: Iran’s navy has mounted a locally built advanced defensive weapons system on one of its warships for the first time, the Iranian navy chief was quoted as saying on Saturday, as tensions mount with the US military in the Gulf.
Iran’s Revolutionary Guards confirmed earlier this month it held war games in the Gulf, saying they were aimed at “confronting possible threats” by enemies.
The US military’s Central Command confirmed it had seen increased Iranian naval activity, extending to the Strait of Hormuz, a strategic waterway for oil shipments the Revolutionary Guards have threatened to block.
Iran has been furious over US President Donald Trump’s decision to pull out of an international agreement on Iran’s nuclear program and re-impose sanctions on Tehran.
Iranian Navy Commander Rear Admiral Hossein Khanzadi “reiterated that coastal and sea testing of the short range defense Kamand system were concluded successfully, and said this system was mounted ... on a warship and will be mounted on a second ship soon,” the semi-official Tasnim news agency reported,
The Kamand has been dubbed the “Iranian Phalanx” after an automated machine gun produced by US firm Raytheon whose heavy bullets shred incoming missiles.
Unable to import many weapons because of international sanctions and arms embargoes, Iran has developed a large domestic weapons industry to achieve self-sufficiency in producing military equipment, and often reports on its development of arms which it says are comparable with advanced Western systems.