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Iran attaches importance to crude oil refining abroad, minister says

Oil&Gas Materials 7 June 2023 14:04 (UTC +04:00)
Elnur Baghishov
Elnur Baghishov
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BAKU, Azerbaijan, June 7. Iran's Oil Ministry attaches importance to the refining of crude oil by using the potential of oil refineries of other countries, Iran's Oil Minister Javad Owji told reporters after the meeting of the Cabinet of Iran in Tehran on June 7, Trend reports.

The minister emphasized that Iran's crude oil is already processed outside the country in several oil refineries with the support of Iran's Oil Ministry.

Owji added that this potential allows for increased crude oil refining, preventing crude oil sales and creating added value.

The current Iranian government (which has been in power since August 2021) is focusing on the use of oil refineries of other countries after coming to power. For this purpose, Iran substantially cooperates with some Latin American countries, including Venezuela, and uses Venezuela's oil refineries.

Reportedly, Iran currently exports 1.3 million barrels of crude oil daily.

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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