BAKU, Azerbaijan, November 15. The crude oil production capacity of the National Iranian South Oil Company (NISOC) is expected to increase by 85,000 barrels per day by the end of the current Iranian year (March 20, 2023), the CEO of NISOC Alireza Daneshi told IRNA, Trend reports.
The CEO noted that a number of programs are currently being implemented for this purpose.
Daneshi also added that 33 low-yielding oil wells located in the territory of NISOC were placed under the control of start-up companies for development. The mentioned wells will be explored by start-up companies and necessary steps will be taken to restore production.
According to him, in total, Iran’s crude oil production capacity is expected to increase by about 200,000 barrels per day by the end of the current year and reach 4 million per day.
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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