BAKU, Azerbaijan, August 21. Iran should maximize its crude oil production considering that its fossil fuel reserves will be limited in the next 20 years, the candidate proposed by the new Iranian President Masoud Pezeshkian for the post of oil minister, Mohsen Paknejad, said as he spoke in the parliament, Trend reports.
According to Paknejad, the focus will be on installing new wells and repairing wells in oil fields.
Paknejad added that Iran's crude oil production potential is expected to increase by 400,000 barrels by the end of next year (March 20, 2026).
Paknejad pointed out that Iran's Oil Ministry will endeavor to balance gas production and consumption in the country. The lack of balance between production and consumption causes serious damage to the country and may put it under an energy threat.
Meanwhile, according to a report by the Organization of Petroleum Exporting Countries (OPEC), Iran's crude oil production in July was 3,271,000 barrels. Iran's crude oil production in July increased by 20 percent compared to June.
A total of 74 oil fields and 22 gas fields are currently operating in Iran. There are 37 oil fields in the territory of the National Company of Iran's Southern Oil Zones, 14 in the territory of the Iranian Central Oil Zones Company, 5 in the territory of the Arvandan Oil and Gas Production Company, and 18 in the territory of the Offshore Oil Company. In addition, 5 gas fields are operated in the territory of the South Oil Zones National Company of Iran, 13 in the territory of the Central Oil Zones Company, 1 in the territory of Pars Oil and Gas Company, and 3 in the territory of Offshore Oil Company.
Iran's total hydrocarbon reserves are 1.2 trillion barrels. Iran can produce 340 billion barrels of this gas with existing technological equipment. Iran can use about 30 percent, while 70 percent remains unused underground.
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