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Iran's NISOC may increase extraction

Oil&Gas Materials 26 April 2021 16:32 (UTC +04:00)
Iran's NISOC may increase extraction

BAKU, Azerbaijan, Apr. 26

By Elnur Baghishov – Trend:

The National Iranian South Oil Company (NISOC) is ready to return oil extraction to the pre-sanctions period, the Managing Director of the NISOC, Ahmad Mohammadi said, Trend reports citing the company’s website.

According to him, over the past two years, a number of plans have been implemented in the territory of the NISOC and necessary conditions have been created to increase extraction.

The director added that the National Iranian South Oil Company can extract more than 3 million barrels of crude oil daily. This is 80 percent of Iran's crude oil extraction potential.

Mohammadi emphasized that the plan to increase extraction has been announced to 5 companies under the NISOC. The extraction will increase with the lifting of sanctions and the creation of conditions for Iran's crude oil exports.

As reported, 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.

The Karun, Marun, Aghajari, Gachsaran and Masjed Soleyman Oil and Gas Companies operate under the National Iranian South Oil Company.

There are currently 74 oil and 22 gas fields in Iran. So, 37 oil fields are operating in the territory of the National Iranian South Oil Company (NISOC), 14 fields – Iranian Central Oil Fields Company (ICOFC), 5 fields – Arvandan Oil and Gas Company (AOGC), and 18 oil fields – Iranian Offshore Oil Company (IOOC).

In addition, 5 gas fields are operating in the territory of the NISOC, 13 fields – the ICOFC, 1 field – Pars Oil and Gas Company (POGC) and 3 gas fields – the IOOC.

Iran’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.

The US imposed new sanctions on Iran in November 2018. Over the past period, the sanctions affected Iranian oil exports, more than 700 banks, companies, and individuals.

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