Iran looks to boost co-op in oil-gas sectors with neighbors

Oil&Gas Materials 25 August 2021 14:09 (UTC +04:00)

BAKU, Azerbaijan, Aug. 25

By Elnur Baghishov – Trend:

Iran will be developing oil and gas cooperation with neighboring countries, including the countries around Persian Gulf and the Caspian littoral states under the new government, said Javad Owji, who has been nominated by Iranian President to Oil Minister of Iran, Trend reports citing Iranian parliament’s official website.

He made the remark in his speech at the Iranian parliament.

Owji noted that Iran will make efforts to conduct joint explorations and joint investments in oil and gas fields.

The official added that Iran has a program to import natural gas from Turkmenistan. In this regard, a new agreement will be prepared for signing with the neighboring country. In this direction, gas refineries and gas pipelines will be built.

As reported, 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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