BAKU, Azerbaijan, October 26. Iran has begun drilling for a well to discover a new gas field in Fars Province, located in the south of the country, Trend reports.
In this regard, an event was held in the province on October 26, 2023. Mehdi Fakur, an official of the National Iranian Oil Company (NIOC), and other officials attended the event.
Speaking at the event, Fakur said that 6 trillion rials (about $143 million) were allocated for the drilling of a new discovery well. So far, 280 billion rials (about $6.7 million) have been spent on building a road to the place where this well was dug.
He added that Fars Province is considered one of the richest provinces in terms of gas reservoirs. Five new reservoirs have been identified in the southern part of this province. It is estimated that these reservoirs have large gas reserves.
The official also said that in order to find gas reservoirs in Fars Province, research was carried out continuously for 5 years. Currently, infrastructure is being created to access these reservoirs.
Iran stands second in the world for gas reserves, with about 34 trillion cubic meters of gas.
Reportedly, Iran's gas production capacity is currently more than 1 billion cubic meters per day. The country intends to reach its gas production capacity of 1.5 billion cubic meters daily. Overall, $71 billion is needed to achieve this goal.
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 of the Iranian Central Oil Fields Company (ICOFC), 5 fields of the Arvandan Oil and Gas Company (AOGC), and 18 fields of the Iranian Offshore Oil Company (IOOC).
In addition, 5 gas fields are operating in the territory of the NISOC, 13 fields are operated by the ICOFC, 1 field is operated by Pars Oil and Gas Company (POGC), and 3 gas fields are operated by 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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