BAKU, Azerbaijan, July 14
By Elnur Baghishov – Trend:
Iran is expected to export 365 million barrels (1 million barrels a day) of crude oil and gas condensate in the current Iranian year (from March 21, 2021 through March 20, 2022), Trend reports citing the Cabinet of Iran’s official portal.
The decision was made in a meeting of the Cabinet of Iran today on July 14.
According to the decision, the share of the National Development Fund of Iran in crude oil and gas condensate exports is 20 percent.
Also, if the exports of oil and gas condensate is higher than the mentioned figure, the share of the National Development Fund for the additional part will be 38 percent.
Moreover, 20 percent of the earnings from gas exports will be transferred to the National Development Fund, the report said.
Reportedly, Iran exported 12.1 million tons of liquefied natural gas worth $2.65 billion over the last Iranian year (from March 20, 2020 through March 20, 2021).
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.