BAKU, Azerbaijan, February 7. Iran is currently implementing two plans in order to increase its crude oil production capacity, Iranian Deputy Oil Minister and the CEO of the National Iranian Oil Company (NIOC), Mohsen Khojasteh Mehr said, Trend reports citing the NIOC’s website.
At present, Iran's daily crude oil production capacity is 3.83 million barrels. By the end of the current Iranian year (March 20, 2023), the figure is estimated to reach 4.03 million barrels per day.
According to the 1-st plan, Iran's crude oil production capacity is expected to increase to 4.6 million barrels per day by 2027. Thus, a 450,000-barrel increase per day will be achieved with the drilling of new wells, while the rest - approximately 112,000 barrels) - by other ways (repairing of existing wells, installation of new equipment, etc.).
Meanwhile, Iran's crude oil production capacity is expected to increase to 5.7 million barrels per day by 2029 under the 2-nd plan. So, a 900,000-barrels increase per day will be achieved with the drilling of new wells, while the remaining increase (by about 200,000 barrels per day) - in other ways (repairing of existing wells, installation of new equipment, etc.).
The deputy minister noted that using the potential of local start-up companies to increase the production of low-yield oil wells is on the agenda of the National Iranian Oil Company.
“In this regard, 30 of the 50 start-up companies selected for this purpose have specific programs. A total of $500 million will be spent on the activity of start-up companies. With the increase in production of 750 oil wells, a total of 83 million barrels will be added to the country's daily crude oil production capacity,” Khojasteh Mehr said.
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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