BAKU, Azerbaijan, April 14
By Elnur Baghishov - Trend:
National Iranian South Oil Company (NISOC) saved to funds worth 300 billion rials (about $7.1 million) last Iranian year (March 21, 2019 - March 20, 2020), said Younes Abbasi Larki, Director of Repair, Completion and Technical Services of Wells of the National Iranian South Oil Company, Trend reports citing official NISOC website.
According to Abbasi Larki, about 1,242 cranes of various sizes, well equipment were repaired by the company last Iranian year.
Abbasi Larki added that as a result of the repairs, the funds were prevented from leaving the country.
The official said that all equipment was repaired and put into operation.
According to reports of the company, some equipment is manufactured by a few foreign companies. Despite the US sanctions against Iran, these vehicles are currently being repaired and put into operation inside Iran.
The US imposed new sanctions on Iran in November 2018. Over the past period, the sanctions affected Iranian oil exports, more than 700 banks, companies and individuals.
National Iranian South Oil Company (which is subordinate of National Iranian Oil Company) has 45 large and small hydrocarbon deposits in an area of 400,000 square kilometers from Iran's Bushehr province to the north of Khuzestan province.
Iran has 125 oil fields and 59 gas fields. Iran's total hydrocarbon reserves are estimated at 836 billion barrels.
With available technology and equipment, the country can extract 239 billion barrels. Thus, 29 percent of the country hydrocarbon reserves are recoverable, while 71 percent remain underground.