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Iran to boost exports of crude oil, gas condensate

Oil&Gas Materials 23 November 2021 15:38 (UTC +04:00)

BAKU, Azerbaijan, Nov. 23

By Elnur Baghishov – Trend:

Iran's crude oil and gas condensate exports will increase in the coming months, Iranian Oil Minister Javad Owji said, Trend reports citing Shana News Agency.

According to Owji, Iran to start realizing several plans in this regard, and the country's Oil Ministry will not sit idle, waiting for the outcome of the nuclear talks in Vienna.

“The development of oil and gas fields, oil and gas refining and the signing of agreements in this area, as well as production and export of crude oil, gas condensate and related products are in the focus of the Iranian Oil Ministry,” he said.

Owji also noted that before the Islamic Revolution in Iran, there was only one gas processing plant in Iran. The gas refinery (Bid-Boland gas refinery) could process 25 million cubic meters of gas per day.

"At that time, Iran's gas extraction potential was less than 40 million cubic meters. Currently, Iran's gas extraction potential is about 1 billion cubic meters daily, and there are more than 14 gas refineries in the country," the minister stressed.

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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