BAKU, Azerbaijan, Sept. 16
By Elnur Baghishov – Trend:
Iran's oil refining will increase 1.5 times over the next 3-4 years, Iranian Oil Minister Javad Owji said, Trend reports citing the ministry.
In this regard, the Ministry of Petroleum of Iran and 8 investors in Iran signed contracts on the refining of about 1.5-1.6 million barrels of crude oil and gas condensate daily, according to Owji.
“At present, Iran's refineries have a capacity to process a maximum of 2.2 million barrels of crude oil and gas condensate per day. The figure will reach 3.4-3.5 million barrels daily,” he added.
The minister emphasized that there is a large market for petroleum products. By investing in this area, Iran can earn more, increase employment and prevent the sale of raw crude oil.
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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