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National Iranian South Oil Company discloses number of drilling platforms

Oil&Gas Materials 3 May 2020 18:22 (UTC +04:00)
National Iranian South Oil Company discloses number of drilling platforms

BAKU, Azerbaijan, May 3

By Elnur Baghishov - Trend

There are currently 25 drilling rigs operating under the plan to maintain and increase production from 28 fields of the National Iranian South Oil Company (NISOC), Trend reports citing NISOC.

According to the report, drilling will soon start from another 18 platforms.

“In addition, a contractor company is selected to implement four work packages. Once the contractor company is selected, drilling will begin from 15 more platforms,” the report said.

“Currently, there are 40 platforms in NISOC, and under these plans, the number of platforms operating in the company will reach 58,” the statement said.

According to the report, each of the company's platforms employs maximum of 130 people. About 10 trillion rials (about $238 million) was paid to all employees, contractor companies and others in the last 15 days of last Iranian year (March 5-19, 2020).

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. The company produces about 80 percent of Iran's crude oil and 16 percent of gas. The company reportedly produces about 3 million barrels of oil per day.

About 280 new wells will be drilled as part of the plan to maintain and increase production in 28 fields under the control of NISOC. It is planned to implement the program to maintain and increase oil production at 28 fields within two years. With the completion of this plan, the company's production will increase by 341,000 barrels per day. About $4.6 billion is required for the implementation of this plan.

Iran has 125 oil fields and 59 gas fields. The country's total hydrocarbon reserves are estimated at 836 billion barrels. With available technology and equipment, Iran can extract 239 billion barrels. Thus, 29 percent of the country hydrocarbon reserves are recoverable, while 71 percent remain underground.

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