BAKU, Azerbaijan, September 20. The era of easy crude oil production in Iran is already over, Iranian Deputy Oil Minister and 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.
"Currently, the most important technology in the world belongs to the oil industry. Iran is trying to maintain and increase crude oil production using these technologies," Khojasteh Mehr added.
The deputy minister also noted that Iran has a total of 340 billion barrels of hydrocarbon reserves located in 400 oil and gas reservoirs. In this regard, Iran ranks first in the world. Iran can produce an average of 25 percent of the available crude oil reserves and about 70 percent of the gas reserves. Iran is making efforts to extract this underground wealth.
"Between 1964 and 2010, each oil well produced an average of 26,000 barrels of crude oil per day in Iran. However, in 2011, each well produced 2,100 barrels of crude oil per day. Iran currently has to extract crude oil from thinner underground layers," he said.
Khojasteh Mehr pointed out that the National Iranian Oil Company invites Iran's insurance sector to enter the oil sector. There are many opportunities to invest in the country's oil and gas reservoirs.
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 are Iranian Central Oil Fields Company (ICOFC), 5 fields are Arvandan Oil and Gas Company (AOGC), and 18 oil fields are Iranian Offshore Oil Company (IOOC).
In addition, 5 gas fields are operating in the territory of the NISOC, 13 fields are under the ICOFC, 1 field is under Pars Oil and Gas Company (POGC), and 3 gas fields are under 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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