Iranian Offshore Oil Company boosts extraction

Oil&Gas Materials 17 January 2021 23:35 (UTC +04:00)
Iranian Offshore Oil Company boosts extraction

BAKU, Azerbaijan, Jan. 17

By Elnur Baghishov – Trend:

The extraction of the Iranian Offshore Oil Company (IOOC) increased by more than 100,000 barrels daily, during the first six months of the current Iranian year (March 20 through September 21, 2020), Executive Director of IOOC Alireza Salmanzadeh said, Trend reports citing company’s website.

Salmanzadeh stressed that despite all the restrictions (US sanctions against Iran, the spread of the coronavirus pandemic, a number of economic problems in Iran), the Offshore Oil Company is implementing its plans to increase production.

He added that expectations for 32 wells in the company's territory have borne fruit over the reporting period.

The director said that overall, the company is 117 percent ahead of schedule for excavations in its territories.

As repored, the Iranian Offshore Oil Company extracts an average of 600,000 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's hydrocarbon reserves are recoverable, while 71 percent remain underground.