Iran plans to increase its oil gas reserves

Oil&Gas Materials 6 December 2022 16:10 (UTC +04:00)
Iran plans to increase its oil gas reserves
Elnur Baghishov
Elnur Baghishov
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BAKU, Azerbaijan, December 6. Iran plans to increase crude oil reserves by 3 billion barrels and gas reserves by 30 trillion cubic meters over the next 5 years (March 21, 2023 through March 19, 2028), an official of the National Iranian Oil Company (NIOC), Mehdi Fakur said at a press conference in Tehran on December 6, Trend reports citing IRNA.

According to Fakur, a total of $1.5 billion is needed in this regard. He added that the excavations will be carried out with 36 drilling rigs.

The official noted that currently, work is underway to increase crude oil and gas reserves.

“At present, exploration work is being carried out in the Gulf of Oman and there is a 63-percent physical progress,” Fakur said.

The official also pointed out that the priority of the NIOC is to discover new gas reserves on the sea and land borders with other countries. Exploration work is intensively carried out in Khuzestan, Ilam provinces and all border regions where reservoirs are likely to exist.

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 – the Iranian Central Oil Fields Company (ICOFC), 5 fields – by 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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