NIOC agrees with Russian companies to develop Iran's oil, gas fields

Oil&Gas 22 January 2022 12:29 (UTC +04:00)

BAKU, Azerbaijan, Jan. 22

By Elnur Baghishov – Trend:

Iran's oil and gas fields will be developed with the participation of Russian companies, Iranian Deputy Oil Minister and the CEO of the National Iranian Oil Company (NIOC), Mohsen Khojasteh Mehr said, Trend reports citing the company’s website.

The minister noted that in this regard, the NIOC has reached agreements with major companies in the Russian energy sector.

"Russia has great potential for the development of oil and gas fields, as well as the provision of necessary technology and equipment in this area. It is possible to increase Iran's oil-gas extraction by making large investments in the country’s fields," Khojasteh Mehr 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 1.2 trillion barrels. With available technology and equipment, Iran can extract 340 billion barrels. Thus, 30 percent of the country's hydrocarbon reserves are recoverable, while 70 percent remain underground.


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