BAKU, Azerbaijan, Jan. 29
By Elnur Baghishov – Trend:
The National Iranian Oil Company (NIOC) has prepared four plans to implement projects on the increasing oil extraction, 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.
Under these plans, the NIOC encourages the banks to invest in oil and gas fields, the contractor companies, as well as, oil refining and petrochemical companies to participate in oil projects as investors, supports the supply of needed funds for the oil fields through the capital market.
The deputy minister stressed that within the framework of these plans, it is planned to make investments for increasing extraction from priority fields.
Khojasteh Mehr added that banks have formed a consortium to provide $4 billion in financing for implementation of projects in oil sector.
The CEO noted that Iran needs $160 billion to increase extraction in oil and gas sector.
"If Iran wants to reach daily crude oil extraction 5.7 million barrels, it will need about $90 billion. At the same time, if Iran wants to reach daily gas extraction 1.5 billion cubic meters, it will need $70 billion," 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 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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