BAKU, Azerbaijan, May 16. Iranian Central Oil Fields Company’s (ICOFC) daily crude oil extraction is estimated to increase by 80,000-100,000 barrels, while daily gas extraction – by 100 million cubic meters in the next four years (as of March 21, 2025), Executive Director of the ICOFC Mehdi Heydari told reporters, Trend reports citing Shana News Agency.
He made the remark at the 26th International Oil, Gas, Refining and Petrochemical Exhibition in Tehran on May 16, 2022.
The director said that over the next four years, the company plans to implement projects to increase extraction from 17 gas fields, and several oil fields.
Heydari also added that the ICOFC extracted 245 million cubic meters of gas daily over the last Iranian year (March 21, 2021 through March 20, 2022). In total, the company extracted 70 billion cubic meters of gas last year.
According to him, the company also extracted a total of 20 million barrels of crude oil and gas condensate last Iranian year. Of this, 16 million barrels were gas condensate and 4 million barrels were crude oil.
The Iranian Central Oil Fields Company has 84 oil and gas fields in 11 provinces of Iran. So far, 13 gas fields and 13 oil fields have been developed.
At present, the ICOFC has capacity to extract about 250,000 barrels of crude oil and 250 million cubic meters of gas per day.
On May 14, 2022, the 26th International Oil, Gas, Refining and Petrochemical Exhibition opened in Tehran and will end on May 16.
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