The CEO of the National Iranian Oil Company (NIOC) announced the prospect of a daily production capacity of 4 million barrels of crude oil in the calendar year of 1401 which began on March 21.

According to Arvandan Oil and Gas Company, Mohsen Khojastehmehr, speaking on the sidelines of a visit to operational sites of Arvandan Oil and Gas Company, stated: “The prospect of production from the West Karoon region is about one million barrels of crude oil per day, most of which from joint fields.”

Khojastehmehr, stating that in total in West Karoon, the amount of investment required for initial development is $12 billion, of which at least $8 billion is earmarked for joint fields, added: "Accelerating the development of South Azadegan Field and determining the fate of the contract for the second phase of the Yadavaran joint field, worth $4 billion are the main projects in the new calendar year.”

"Our priority is the development and maximum production of joint fields," he said, referring to the integrated development of the second phase of the North and South Azadegans, which requires an investment of about $7.5 billion.

The NIOC CEO stated: "Another priority in the West Karoon region is collection of associated petroleum gases.”