Iran to assign its oil-related plans to local companies

Oil&Gas Materials 5 October 2021 12:09 (UTC +04:00)
Iran to assign its oil-related plans to local companies

BAKU, Azerbaijan, Oct. 5

By Elnur Baghishov – Trend:

Iran will use the potential of local companies to implement current and future oil plans, new Iranian Deputy Oil Minister and the CEO of the National Iranian Oil Company (NIOC), Mohsen Khojastamehr said, Trend reports citing the company’s website.

According to Khojastamehr, about $150 billion is expected to be invested in these plans, while investments of reliable financial institutions will be made.

The deputy minister invited local Iranian companies and those from abroad to implement projects in the country’s oil sector.

“Iran has about 1 trillion barrels of crude oil reserves, of which about 340 billion barrels can be extracted. This means that Iran can extract this amount of crude over the next 100 years. This can guarantee revenues in the oil sector,” he said.

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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