Work on Nargesi oil field of Iran’s NISOC nearing completion

Oil&Gas Materials 11 August 2021 13:59 (UTC +04:00)

BAKU, Azerbaijan, Aug. 11

By Elnur Baghishov – Trend:

Drilling and underground operations in the Nargesi oil field of the National Iranian South Oil Company (NISOC) have been completed, an official of the NISOC Mansour Nassaripour said, Trend reports citing the company’s website.

The official stressed that there is currently 75 percent progress in surface work on the field. It is expected that all work will be completed and extraction will be launched by October 23, 2021.

“A contract was signed between the NISOC and Dana Drilling Company in March 2019. A plan is being implemented to maintain and increase extraction from the Nargesi field, which will increase production by 8,000 barrels daily, under the contract worth 2.07 trillion rials (about $49.2 million),” he added.

Nassaripour noted that about 80 percent of the equipment and spare parts used in the Nargesi oil field were manufactured domestically.

As reported, Iran's Nargesi oil field is located 70 km northeast of the Bushehr port, near the Rudak and Sulabdar fields. The approximate length of field is 24 km and width - 4 km. The development of this field is implemented by Iran's Dana Company.

The NISOC plans to increase crude oil extraction by 341,000 barrels daily, as part of its package for the development of 28 reservoirs. The package will cost $4.3 billion.

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.


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