Iran’s NISOC to boost oil extraction

Oil&Gas Materials 22 March 2021 11:27 (UTC +04:00)
Iran’s NISOC to boost oil extraction

BAKU, Azerbaijan, Mar. 22

By Elnur Baghishov – Trend:

The crude oil extraction of the National Iranian South Oil Company (NISOC) will increase by 10 percent by the end of the current Iranian year (from March 21, 2021 through March 20, 2022), compared to current extraction, Managing Director of the NISOC, Ahmad Mohammadi told IRNA, Trend reports.

Mohammadi noted that while in the last Iranian year (from March 20, 2020 through March 20, 2021), crude oil extraction of the NISOC increased by 30 percent.

“Certain plans are being implemented to maintain and increase the extraction from 28 oil reservoirs in the territories of the company. In general, there is 50 percent physical progress in the implementation of these plans. Moreover, daily 300,000 barrels of crude oil will be added to the company’s extraction potential with the implementation of these plans,” he added.

The director stressed that the extraction has been launched from the oil reservoirs of Mansouri, Nargesi and Kaboud fields.

According to him, domestic production of equipment related to oil extraction in the company's territories is in the spotlight. So, the import of 84 types of equipment has been banned, so far. Within the plans to maintain and increase the production of 28 oil reservoirs, 80 percent of the used equipment is provided domestically.

The National Iranian South Oil Company, 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 extracts about 80 percent of Iran's crude oil and 16 percent of gas. The company reportedly extracts about 3 million barrels of oil per day.