BAKU, Azerbaijan, July 1. Iran's crude oil production capacity is expected to increase by 16 percent till March 20, 2027, Trend reports.
Iran's Oil Ministry forecasts that the country's crude oil production capacity will increase to 4,450,000 barrels daily by March 20, 2027.
Meanwhile, Iran's current crude oil production capacity is 3,838,000 barrels per day.
Iran attaches great importance to increasing its crude oil production capacity so that it can export additional oil to the world market.
Also, Iran's crude oil production is expected to increase to 4.25 million barrels per day, while gas condensate production to 804,000 barrels daily by March 20, 2027.
According to the OPEC’s report for May, 2023, Iran's crude oil production was 2,679,000 barrels per day, which is 2.3 percent more than in April, 2023.
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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