BAKU, Azerbaijan, Nov. 17
By Elnur Baghishov – Trend:
Iran’s exports of crude oil and oil products have increased in recent months, as a result of the efforts of the Iranian Oil Ministry, Spokesman of Iranian Parliament's Energy Committee Mostafa Nakhaei told Shana News Agency, Trend reports.
The spokesman noted that the sale of crude oil and related products is one of the key factors in ensuring the country's foreign exchange reserves.
According to Nakhaei, the increase in oil exports in the context of US sanctions against Iran is a strategically beneficial step.
“In the coming months of the current Iranian year (March 21, 2021 through March 20, 2022), the process of increasing Iran's exports of crude oil, gas and gas condensate and bringing the earnings from oil exports to the country will continue,” he said.
The US imposed new sanctions on Iran in November 2018. Over the past period, the sanctions affected Iranian oil exports, more than 700 banks, companies, and individuals. The sanctions have resulted in the freezing of Iranian assets abroad.
Iran's oil revenues for the last Iranian year (March 20, 2020 through March 20, 2021) amounted to about 120 trillion rials (about $ 2.86 billion). Iran also exported 12.1 million tons of liquefied petroleum gas (LPG) worth $2.65 billion.
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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