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| 08 February, 2018

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

Iran aims to raise its crude output capacity to 4.7 million barrels per day

A worker walks amid facilities at phases 2-3 of the South Pars gas field, [owned jointly by Iran and Qatar], are illuminated at night in Assaluyeh on Iran's Persian Gulf coast May 27, 2006.

A worker walks amid facilities at phases 2-3 of the South Pars gas field, [owned jointly by Iran and Qatar], are illuminated at night in Assaluyeh on Iran's Persian Gulf coast May 27, 2006.

REUTERS/Morteza Nikoubazl
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.

(Reporting by John Irish and Parisa Hafezi; Editing by Adrian Croft) ((parisa.hafezi@thomsonreuters.com; +90 532 176 3452; Reuters Messaging: parisa.hafezi@thomsonreuters.com))