Iran implements plan to increase oil extraction

Oil&Gas Materials 20 May 2021 09:48 (UTC +04:00)
Iran implements plan to increase oil extraction

BAKU, Azerbaijan, May 20

By Elnur Baghishov – Trend:

The plan to increase extraction from oil reservoirs in Iran was implemented for the first time by the National Iranian South Oil Company (NISOC) at the Ahvaz oil field, Trend report citing National Iranian Oil Company’s official website.

According to the report, water was injected to the well No. 402 of the Bangestan oil reservoir of Ahvaz field for about a month, and 5,000 barrels of crude oil were extracted daily.

“Given the oil reserves in the Bangestan oil reservoir, this pilot plan could play an important role in increasing Iran's crude oil extraction,” the report said.

The cost of water injected to the oil well was only 25 percent of the cost of gas to be injected, the report said.

Reportedly, the Ahvaz oil field, which is located in the Ahvaz county of Khuzestan Province (southwestern Iran) is considered Iran’s largest oil field.

The field contains more than 65 billion barrels of oil, of which 37 billion barrels can be extracted. Iran extracts 800,000 barrels of oil and 13 million cubic meters of gas per day from the Ahvaz oil field.

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.

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.