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Iran can increase oil and gas extraction - National Iranian Oil Company

Oil&Gas Materials 26 January 2021 18:02
Iran can increase oil and gas extraction - National Iranian Oil Company

BAKU, Azerbaijan, Jan. 26

By Elnur Baghishov – Trend:

Iran can increase daily oil extraction to 7 million barrels and daily gas extraction to 1.6 billion cubic meters, Deputy Director of National Iranian Oil Company (NIOC) Abdol Mohammad Delparesh said, Trend reports citing Shana news agency.

Delparesh noted that a number of plans are being implemented to increase oil and gas extraction. However, if these plans are suspended, Iran's gas extraction will significantly decrease until 2022.

The deputy director added that Iran has no choice but to develop new gas fields. Currently, there are 20 explored fields that can be developed.

“Iran has enough gas reserves. These reserves are mainly located in the south part of the country,” he said.

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.

As reported, Iran extracts about 2 million barrels of crude oil and 930 million cubic meters of rich gas per day.

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