BAKU, Azerbaijan, September 21. Iran is planning to raise its crude oil output by 100,000 barrels per day in the next 10 days, Iranian Deputy Oil Minister and the CEO of the National Iranian Oil Company (NIOC), Mohsen Khojasteh Mehr said, Trend reports.
He made the remark at a meeting with representatives of Iranian insurance companies in Tehran on Sept. 20.
The deputy minister added that Iran is now producing 3.3 million barrels of crude oil per day, and this figure will go up to 3.4 million barrels per day soon.
NIOC’s CEO also pointed out that Iran has increased its crude oil production by more than 1 million barrels in the last two years, from 2.25 million barrels per day before the current Iranian government took office (which has been in power since August 2021).
Khojasteh Mehr noted that Iran’s goal is to produce 5.7 million barrels of crude oil per day and 1.5 billion cubic meters of gas per day in the next 8 years. He said that to achieve this goal, Iran needs to attract more investment to the oil sector, and for this purpose, a certain part of funds in the country should be directed to the oil sector.
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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