BAKU, Azerbaijan, August 22. The National Iranian Oil Company (NIOC) plans to increase Iran’s crude oil production capacity to 4,038,000 barrels per day by the end of the current Iranian year (March 20, 2023), an official of the NIOC, Hormoz Ghalavand said, Trend reports citing the company’s website.
“During the meeting with the participation of the CEO of the National Iranian Oil Company, Mohsen Khojasteh Mehr, and the directors and officials of the companies operating under the NIOC, serious discussions were conducted on increasing the country’s crude oil production capacity,” Ghalavand noted.
The official added that during the mentioned meeting, talks were held and various proposals were made about oil wells, production volume, work to increase production, transportation of crude oil, necessary equipment, etc.
According to him, the issue of providing the funds needed to increase Iran’s crude oil production capacity to the mentioned figure was focused on at the meeting.
Reportedly, Iran currently has the capacity to produce 3.8 million barrels of crude oil per day.
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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