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Iran’s crude oil production increases - minister

Oil&Gas Materials 4 February 2023 17:19 (UTC +04:00)
Iran’s crude oil production increases - minister
Elnur Baghishov
Elnur Baghishov
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BAKU, Azerbaijan, February 4. Iran's crude oil production has been increased by 15,000 barrels per day, as of February 4, 2023, Iranian Oil Minister Javad Owji told reporters in Hormozgan Province, Trend reports citing Shana News Agency.

The minister noted that the mentioned increase was achieved as a result of drilling and repairing 12 wells in the Esfand and Sivand oil fields in the Persian Gulf.

Owji also added that more than $110 million has been spent under the project to maintain and increase production in Iran's Esfand and Sivand oil fields.

At present, Iran's crude oil production is more than 3 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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