Iran’s NISOC expects increase in capacity of crude oil extraction

Oil&Gas Materials 16 May 2022 09:34 (UTC +04:00)
Iran’s NISOC expects increase in capacity of crude oil extraction
Elnur Baghishov
Elnur Baghishov
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BAKU, Azerbaijan, May 16. Daily crude oil extraction capacity of the National Iranian South Oil Company (NISOC) will increase to 3.3 million barrels, over the next five years, the CEO of NISOC Alireza Daneshi told reporters, Trend reports citing Shana News Agency.

He made the remark at the 26th International Oil, Gas, Refining and Petrochemical Exhibition in Tehran.

The CEO stressed that in this regard, a program has been developed and will be implemented.

Daneshi added that by the end of the last Iranian year (March 20, 2022), the company had the capacity to extract 3 million barrels of crude oil per day.

“Over the past nine months (when the new government came to power in Iran - August 2022), crude oil extraction of the NISOC increased by 180,000 barrels per day,” he said.

According to Daneshi, the NISOC will develop two oil fields with the participation of a Russian company.

The National Iranian South Oil Company, a subordinate of the National Iranian Oil Company, operates 45 large and small hydrocarbon deposits in an area of 400,000 square kilometers from Iran's Bushehr Province to the north of Khuzestan Province.

The company extracts about 80 percent of Iran's crude oil and 16 percent of gas. The company reportedly extracts about 3 million barrels of oil per day.


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