Iran implements new oil projects in Bushehr Province

Oil&Gas Materials 9 October 2021 10:50 (UTC +04:00)
Iran implements new oil projects in Bushehr Province

BAKU, Azerbaijan, Oct. 9

By Elnur Baghishov – Trend:

Iran implements four new oil projects worth $600 million in the Bushehr Province (southern Iran), Iranian Oil Minister Javad Owji said during a meeting in the province, Trend reports citing Shana News Agency.

According to Owji, these projects are implemented in direction to maintain and increase extraction.

The minister added that in this regard, the two fields will be launched by March 19, 2024.

“In addition, Iran is estimated to implement plans to maintain and increase extraction from 6 out of the 12 existing oil fields in Bushehr,” he said.

Owji also noted that about 10 percent of Iran's oil reserves and about 50 percent of gas reserves are in Bushehr Province.

“Taking into account the reduction of pressure in the gas fields, in order to maintain extraction from gas fields, about $22 billion should be spent in 6-8 years. At the same time, related work to maintain gas extraction in Iran should be carried out mainly in Bushehr Province, because the South Pars, Nar and Kangan gas fields are located in this province," added.

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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