BAKU, Azerbaijan, Apr. 7
By Elnur Baghishov – Trend:
Iran will increase daily crude oil extraction to 4 million barrels in the current Iranian year (from March 21, 2021 through March 20, 2022), Deputy Oil Minister for Planning, Houshang Falahatian said, Trend reports citing the Mehr news agency.
Falahatian said that according to the budget project for the current Iranian year, crude oil extraction is to be increased. In this regard, programs have been prepared and thus, Iran's crude oil exports will increase.
“There are more than 100,000 oil wells in Iran, of which oil extraction is minimal or non-existent. With the support of startup companies and universities, it is planned to increase extraction from such wells. At the same time, the solution of obstacles facing contractors and investors is on the agenda in Iran,” he added.
The deputy minister stressed that more than 70 percent of Iran's energy needs are met by natural gas. Iran's daily gas extraction exceeded 1 billion cubic meters last Iranian year (from March 20, 2020 through March 20, 2021). Iran is making every effort to maintain this extraction.
According to him, a number of plans, including, extraordinary extraction from the Khasht field, improvement of the Tombak port, launch of NGL plants, collection of flare gas and so on are being implemented.
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.