BAKU, Azerbaijan, February 14. Iran plans to increase the capacity of the Farashband gas refinery operating under the Iranian Central Oil Fields Company (ICOFC) in Fars Province, to 70 million cubic meters per day over the next 24 months, 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.
“In order to increase gas refining, the 2nd unit is planned to be launched at the refinery. About $177 million is expected to be spent in this regard,” he said.
Khojasteh Mehr added that currently, the Farashband gas refinery is operating at its maximum capacity (45 million cubic meters of gas per day).
According to the deputy minister, the ICOFC plans to increase crude oil production to 300,000 barrels and gas production to 400 million cubic meters in the next 8 years.
Reportedly, the gas processed by the Farashband gas refinery in Iran’s Fars Province is used to increase production from oil fields, as well as being transported to the country's gas network.
In addition to gas refining, the refinery can produce 10,000 barrels of gas condensate per day. The produced gas condensate is sent to Shiraz Oil Refinery Company or to Siraf port in Bushehr Province for export.
The Iranian Central Oil Fields Company has 84 oil and gas fields in 11 provinces of Iran. So far, 13 gas fields and 13 oil fields have been developed.
At present, the ICOFC has the capacity to extract about 250,000 barrels of crude oil and 250 million cubic meters of gas per day.
There are currently 74 active oil and 22 active 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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