BAKU, Azerbaijan, June 21
By Elnur Baghishov – Trend:
Iran plans to increase oil production and exports, Executive Director of the Iranian Oil Terminals Company (IOTC) Abbas Asadruz said after getting acquainted with the work done at the Kharg oil terminal, Trend reports referring to the company’s website.
According to Asadruz, the oil storage facilities are being repaired and other work is being carried out at Iran's Kharg oil terminal.
The official added that these work will help increase Iran's oil and gas production and exports.
Asadruz stressed that the Iranian Oil Terminals Company is fully fulfilling its duties related to the storage, export, production protection and other activities.
The director noted that the Iranian Oil Terminals Company operates within the program of the Iranian Ministry of Oil and the National Oil Company. In this regard, the focus is on the renovation and repair of facilities.
Iran's Kharg oil terminal has more than 40 crude oil storage facilities. The capacity of these storage facilities is more than 20 million barrels. The produced oil in the territory of the National Iranian South Oil Company is transported to the Kharg terminal via pipelines.
Iran has 125 oil fields and 59 gas fields. Iran's total hydrocarbon reserves are estimated at 836 billion barrels.
With available technology equipment, the country can extract 239 billion barrels. Thus, 29 percent of the country’s hydrocarbon reserves are recoverable, while 71 percent remain underground.