Iran’s NISOC can boost its production potential

Oil&Gas Materials 19 August 2020 11:22 (UTC +04:00)
Iran’s NISOC can boost its production potential

BAKU, Azerbaijan, August 19

By Elnur Baghishov – Trend:

The oil production in the Bangestan reservoir of the Ramshir oil field that is located 120 km south of the Ahvaz city in the Khuzestan Province (southwestern Iran) can be increased to 30,000 barrels per day, said Ramin Roghanian deputy director of the National Iranian South Oil Company's (NISOC) Technical Affairs Department, Trend reports citing the company’s official website.

As a result of research, this production can be achieved by drilling 9 new wells in the Bangestan reservoir, he said.

The official added that thus, the production capacity of the reservoir will increase by 19,000 barrels.

"If the mentioned production is obtained from the Bangestan reservoir, Iran will receive more than $23 million a month from this reservoir. The current price of Iranian oil is $40 per barrel,” he said.

Roghanian stressed that the Bangestan reservoir of the Ramshir field was discovered in 1962 by drilling two wells, and production from this reservoir began at No. 6 well in 1997.

According to Roghanian, so far, 6 wells have been drilled in the Bangestan reservoir.

Iran's Ramshir oil field contains 2 billion barrels of crude oil. It is possible to extract 980 million barrels of it. It is reported that at present 32,000 barrels oil produced daily from the field.

The National Iranian South Oil Company (NISOC), a subordinate of National Iranian Oil Company, operates 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.

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.