Iran's crude oil production could decrease significantly

Oil&Gas Materials 21 December 2022 17:04 (UTC +04:00)
Iran's crude oil production could decrease significantly
Elnur Baghishov
Elnur Baghishov
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BAKU, Azerbaijan, December 21. Iran's crude oil production could decrease by more than 900,000 barrels per day in 3 years, if serious steps are not taken in the country to increase it, official of the National Iranian Oil Company (NIOC), Ali Barati said, Trend reports citing Shana News Agency.

According to Barati, on average, the production from Iran's oil fields is currently decreasing by 10 percent per year. If the process continues, the activity of the country’s oil wells will be suspended.

The official added that approximately 15 wells have been drilled in Iran for each reservoir with 1 billion barrels of oil reserves, while in the neighboring countries of Iran the figure stands at over 30 wells.

He also said that necessary steps are being taken to increase production from low-yielding wells.

"At present, there are 750 oil wells in the country, the production of which can be increased. In the first stage, start-up companies have been identified for the development of 79 oil wells," Barati noted.

Iran currently produces 3 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 – by 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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