TEHRAN, Iran, November 10. The National Iranian South Oil Company (NISOC) is aiming to increase its oil production capacity by 12 percent in the next five years, said the Managing Director of the NISOC Alireza Daneshi, Trend reports citing IRNA.
The oil production capacity is to grow from 2.9 million bpd to 3.2 million in the next five years, he said adding that the capacity of oil and gas wells production has increased.
"The overhaul of 607 rigs in the past five years have increased maintenance and production capacity to 1.7 million barrels of oil per day," he noted.
He underlined that drilling of 254 wells and overhaul of 546 wells in the next five years is planned.
According to the official, the company has signed contracts with scientific centers to provide its technical needs. NISOC also has 10 projects with various universities across Iran.