Iran's NISOC to implement unique program related to oil extraction

Oil&Gas Materials 25 May 2021 16:55 (UTC +04:00)

BAKU, Azerbaijan, May 25

By Elnur Baghishov – Trend:

The National Iranian South Oil Company (NISOC) has set a goal to implement a unique program to increase oil extraction, the Managing Director of the NISOC, Ahmad Mohammadi said, Trend reports citing Shana News Agency.

Mohammadi noted that as a result of research conducted so far, it has been determined that the company's fields contain about 351 billion barrels of crude oil.

“Taking into account the 28-percent refining rate, it is possible to extract about 100 billion barrels of crude oil,” he added.

The director said that it is planned to build 13 desalination units within the program. Thus, crude oil extraction by the NISOC will be the same volume as before the US sanctions against Iran, and then extraction will increase again.

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.

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.