"This would be carried out as a new type of Iranian crude is presented to clients," Director for International Affairs of the National Iranian Oil Company (NIOC) Saeed Khoshrou said, addressing a meeting of the Asia-Pacific Economic Cooperation (APEC) in Singapore.
He reiterated that Iran still had a huge potential to further increase its oil production, specially given the fact that a majority of onshore reserves still remained untapped.
“Around 70 percent of Iran’s oil reserves are located in offshore reservoirs in the Persian Gulf,” Khoshrou added.
In relevant remarks in early May, Iran said that it has plans to increase its crude oil production capacity by 3 million barrels per day.
Deputy Head of the National Iranian Oil Company (NIOC) for Engineering and Development Affairs Gholam-Reza Manouchehri said the boost is aimed at promoting and stabilizing the country's footing in the Organization of Petroleum Exporting Countries (OPEC) and the global market.
Speaking on the sidelines of the 22nd Iran International Oil, Gas, Refining and Petrochemical Exhibition (Iran Oil Show-2017), the official said NIOC has so far inked 24 memoranda of understanding (MoUs) with domestic and international companies for developing oil and gas projects in Iran since January 2016.