BAKU, Azerbaijan, May 27. Iran has approved a project to increase crude oil production by 400,000 barrels per day, Trend reports.
According to the country’s presidential office, the decision was made during the second meeting of the Economic Council led by Iran's acting president, Mohammad Mokhber, on May 25.
As per the National Oil Company of Iran, the country's daily crude oil production will increase from 3.6 million barrels to 4 million in the current Iranian year (from March 20, 2024 through March 20, 2025). The project will require an investment of $3 billion and is expected to generate $7 billion in revenue from crude oil.
Currently, Iran has 74 active oil fields and 22 gas fields. There are 37 oil fields operating under the Southern Oil Zones National Company of Iran, 14 under the Central Oil Zones Company of Iran, 5 under the Arvandan Oil and Gas Production Company, and 18 under the Offshore Oil Company. Additionally, there are 5 gas fields operating under the Southern Oil Zones National Company of Iran, 13 under the Central Oil Zones Company, 1 under the Pars Oil and Gas Company, and 3 under the Offshore Oil Company.
Meanwhile, Iran's total hydrocarbon reserves amount to 1.2 trillion barrels. With current technology, Iran can extract 340 billion barrels. This means that approximately 30 percent of the reserves are accessible, while 70 percent remain unused underground.