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

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.


Turkey irked over joint declaration by Cyprus, Greece and Egypt

Updated 28 min 59 sec ago

Turkey irked over joint declaration by Cyprus, Greece and Egypt

  • The joint statement also asked Turkey to accept Cyprus’ invitation to enter negotiations for an agreement on maritime delimitations

ISTANBUL: Turkey’s Foreign Ministry on Thursday slammed a joint statement by Greece, Cyprus and Egypt that condemns Turkish energy exploration in the eastern Mediterranean and numerous “provocations” that they maintain are threatening regional peace.
The Foreign Ministry said in a statement that it “fully rejected the declaration containing baseless accusations and allegations.”
During a trilateral regional summit on Wednesday in Nicosia, Cypriot President Nicos Anastasiades, Egyptian President Abdel Fattah El-Sisi and Greek Prime Minister Kyriakos Mitsotakis urged Ankara to end its “aggressive” actions.
The joint statement also asked Turkey to accept Cyprus’ invitation to enter negotiations for an agreement on maritime delimitations. Greece and Cyprus have signed maritime border agreements with Egypt while dismissing a similar deal that Ankara signed with Libya’s Tripoli-based government as “legally invalid.”
The Turkish Foreign Ministry said the declaration attacked Ankara rather than supporting peace and stability in the region. It repeated Turkey’s position that cooperation could only take place with the inclusion of Turkish Cypriots in governing and sharing the resources of the ethnically divided island nation.
“We will continue with determination to protect our rights and the rights of Turkish Cypriots in the eastern Mediterranean,” the ministry statement said.
The trilateral summit took place amid high tensions between nominal NATO allies Greece and Turkey over maritime borders and energy rights.
In late summer, Turkey dispatched a research vessel escorted by warships to conduct seismic research in a part of the Mediterranean Sea that Greece claims as its territory, which prompted the Greek government to deploy its own warships.
Turkey pulled the research ship back to shore for several weeks for maintenance and to allow time for diplomacy but redeployed the Oruc Reis on a new energy exploration mission. A maritime announcement by Turkey says the Oruc Reis and two other ships would continue working in the area until Oct. 27.
Turkey also has had ships prospecting for oil and gas reserves in waters that Cyprus claims as its exclusive economic zone.