Azernews.Az

A senior official at the National Iranian Oil Company (NIOC) said the country can raise its oil production by at least one million barrels a day within three months.

"Iran can urgently increase its daily crude oil production by at least 1 mb/d in less than three months by applying enhanced recovery methods," director of research and technology at NIOC Mohammad-Ali Emadi told Shana.

Emadi said that the average recovery rate of oil reservoirs in Iran stands at 25 percent.

"Iran has huge oil fields through which it can raise its output in the short- and long-term, but it seems that it will be more profitable to increase production from the shared fields and the fields whose production costs lower," he said. "In order to increase oil production from the fields, the cost of each barrel must be calculated before the best decision could be made."

Emadi said new enhanced recovery methods like CO2 injection are under study in Iran.

The official also called for the signature of "win-win" oil contracts for the development of petroleum industry.

Iran's new Oil Minister Bijan Namdar Zanganeh earlier said that he plans to raise Iran's oil output to above four million barrels a day.