Iran could become second-largest producer in OPEC - Iranian energy expert

Oil&Gas Materials 18 February 2021 14:25 (UTC +04:00)
Iran could become second-largest producer in OPEC - Iranian energy expert

BAKU, Azerbaijan, Feb. 18

By Elnur Baghishov – Trend:

Iran could become the second-largest producer of oil in the Organization of the Petroleum Exporting Countries (OPEC), Iranian expert on energy issues Mehrdad Emadi told Trend.

Emadi noted that certain steps must be taken in this regard. So, it is necessary to lift sanctions on the Iranian oil sector first of all.

The expert added that it will take about three years for Iran to produce about 6-6.5 million barrels of crude oil daily. Because many restrictions in Iran's oil sector must be resolved, investment opportunities must be created, technology and equipment must be brought to Iran.

“If US sanctions against Iran are lifted, foreign companies will prepare to invest in Iran in the first 15 months. After that, it will take about 20 months for these companies to carry out the initial restoration of oil fields in Iran and the transportation of technology,” he said.

According to Emadi, after the lifting of sanctions, Iran can increase production from all fields, including new fields, to increase crude oil production to 4-4.5 million barrels daily.

It is estimated that Iran produces about 2 million barrels of crude oil and 1 billion cubic meters of rich gas per day. Over the next six months, Iran's natural gas production is estimated to increase by 60-70 million cubic meters per day.

In 2018, the foreign companies left Iran as a result of new US sanctions against Iran in many areas, especially the oil sector. This has resulted in Iran trying to maintain its extraction in the oil sector through local investment.

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.