Iran eyes to launch close to $15B worth new facilities in oil sector this year

Oil&Gas Materials 10 June 2023 13:12 (UTC +04:00)
Elnur Baghishov
Elnur Baghishov
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BAKU, Azerbaijan, June 10. Iran plans to launch new facilities worth $14.5 billion in the country's oil sector within the framework of 64 projects for the current Iranian year (March 21, 2023 through March 19, 2024), Iranian Oil Minister Javad Owji said, Trend reports.

“In addition, it is expected that the foundation of facilities within other 15 projects will be laid in the country’s oil sector during this year, and in total, $14.3 billion is estimated to be spent in this regard,” the minister noted.

Owji added that overall, $28.8 billion is planned to be invested in Iran's oil sector in the current Iranian year.

According to him, most of the projects that planned to be implemented in the current year belong to the National Iranian Oil Company (NIOC). The projects will be implemented in the direction of increasing Iran's crude oil and gas production, increasing oil refining, as well as increasing the petrochemical production.

He also pointed out that under 20 small and large projects, a number of facilities are planned to be put into use in the country’s petrochemical industry.

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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