BAKU, Azerbaijan, April 22
By Elnur Baghishov - Trend:
Despite US sanctions against Iran, the difficult economic situation and the spread of the coronavirus, National Iranian South Oil Company (NISOC) is implementing its plans, said Ahmad Mohammadi, Managing Director of NISOC, Trend reports citing official website of NISOC.
According to Mohammadi, due to the spread of the coronavirus, the situation in the oil sector of Iran and the world is very complicated. However, implementation of projects in Iranian oil sector and the construction of facilities has not been suspended.
Mohammadi added that about 280 new wells are planned to be drilled as part of the company's plan.
"As a result of the work done by the company oil production increased by more than 10,000 barrels per day in the last Iranian year (from March 21, 2019 to March 20, 2020). This increase in oil production has resulted in the repayment of most of the debts to the National Iranian Drilling Company and domestic producers," he said.
Mohammadi said that NISOC envisages increased employment in areas controlled by the company, especially in Iran's Khuzestan province.
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's hydrocarbon reserves are recoverable, while 71 percent remain underground.
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.