BAKU, Azerbaijan, March 18
By Elnur Baghishov - Trend:
Over 41 million barrels of oil were extracted by Iran's Central Oil Fields Company in the current Iranian year (began March 21, 2019), said Executive Director of the ICOFC Ramin Hatami, Trend reports citing official website of Company.
According to Hatami, more than 70 billion cubic meters of gas has been extracted by the company. Hatami added that despite the US sanctions against Iran, work in the Central Oil Fields Company is ongoing.
Currently, Iran's Central Oil Fields Company has 12 gas fields and 13 oil fields and and 2 oil and 2 gas fields more are under development.
In general, Iran has 125 oil fields and 59 gas fields. Iran's total hydrocarbon reserves are 836 billion barrels. With its technology equipment, it can produce 239 billion barrels. Iran can use 29 percent and 71 percent remain underground.
The law of nationalization of the Iranian oil industry was approved in Iran, March 19, 1951. Thus, the discovery, operation and extraction of oil is under the control of the state.
The US imposed new sanctions on Iran in November 2018. Over the past period, the sanctions included Iranian oil exports, more than 700 banks, companies and individuals.