BAKU, Azerbaijan, October 9. Iran’s Central Oil Fields Company (ICOFC) plans to increase crude oil production by 150 percent in the next few years, Executive Director of the ICOFC, Mehdi Heydari said, Trend reports.
Heydari added that as a result, the production of crude oil and gas condensate of ran’s Central Oil Fields Company will reach approximately 500,000 barrels per day.
The director also said that the ICOFC currently produces an average of 200,000 barrels of crude oil and gas condensate per day from its oil fields.
According to him, the company focuses on increasing production in line within its plans, and all the company's projects are implemented in accordance with international standards.
The Iranian Central Oil Fields Company has 84 oil and gas fields in 11 provinces of Iran. So far, 13 gas fields and 13 oil fields have been developed.
At present, the ICOFC has the capacity to extract about 250,000 barrels of crude oil and 250 million cubic meters of gas per day.
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