BAKU, Azerbaijan, July 7
By Elnur Baghishov – Trend:
Iran plans to allocate 8 trillion rials (about $190 million) in order to support risky investments in various areas of the oil sector, Trend reports citing the Cabinet of Iran’s official portal.
The decision in this regard was made during a meeting of the Cabinet of Iran on July 7.
According to the decision, major companies under the Iranian Oil Ministry will be supported to develop plans to increase domestic production and employment, as well as technology and innovation plans.
The funds will be paid on the basis of the relevant decision of the Iranian oil minister.
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.