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Iran works on new methods to increase crude oil production capacity - official

Oil&Gas Materials 1 February 2023 17:21 (UTC +04:00)
Iran works on new methods to increase crude oil production capacity - official
Elnur Baghishov
Elnur Baghishov
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BAKU, Azerbaijan, February 1. Some 3 new methods are being worked on to increase Iran's crude oil production capacity to 6 million barrels per day in the next 5 years (2023 through 2028), CEO of the Persia Oil And Gas Industry Development Company Jafar Hicazi told IRNA, Trend reports.

Currently, Iran's daily crude oil production capacity is reportedly 4 million barrels and crude oil production is around 3 million barrels.

Hicazi said that most of the wells in Iran's oil and gas fields have been in use for a long time. According to the first method, pumps will be used to increase Iran's crude oil production capacity.

“Meanwhile in the second method, new processes such as hydrocracking are supposed to be used along with the mentioned pumps. Based on the second method, crude oil production capacity could increase by 870,000 barrels per day,” he said.

The CEO also pointed out that a present, number of pumps are imported to the country for installation in oil wells. In addition, pumps are produced at the factory of the Shahid Chamran University of Ahvaz.

As for the 3rd method to increase Iran's crude oil production capacity, the official noted that this plan is the development of newly discovered oil fields. By developing the mentioned fields, it is possible to increase the capacity by about 2 million barrels 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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