TEHRAN, Iran, Sep.1
Trend:
The National Iranian South Oil Company (NISOC) has increased its production capacity despite the pandemic, sanctions, and high inflation, as well as the company compensated for the decline by drilling new oil wells, said the CEO of the NISOC, Trend reports citing IRNA.
The company has used innovative methods for sustainability that include the implementation of EPC and EPD plans for 28 oil reservoirs that were financed by private sector resources and the sale of the company's bonds, Ahmad Mohammadi has indicated.
He noted sanctions have created more limitations for the oil industry in terms of production and export and therefore revenues from export have declined significantly.
"Despite Coronavirus situation, the implementation of 28 oil reservoirs prevented unemployment and created sustainable employment plan to use local forces," Mohammadi explained.
"Creating new production capacity and compensating the previous production drop are important achievements of 28 oil reservoirs plan," he noted.
The official has elaborated on the production plans saying the National Iranian South Oil Company (NISOC) has provided feed to more than 90 percent of the country's refineries and continues to produce. In line with actions taken in 2017 for compensating for a 10 percent decline in the natural creation of wells and reservoirs, about 70,000 barrels have been added to the company's daily production.
By implementation of the defined production plan, it is predicted that production would increase to 220,000 barrels per day in the future.
To return to maximum production in the current Iranian year (started March 21, 2021) about 1,000 well operations have been targeted for an increase in production.
The National Iranian South Oil Company is a government-owned corporation under the direction of the Ministry of Petroleum of Iran.