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Iran's NISOC shares forecast on oil production

Business Materials 26 August 2022 14:49 (UTC +04:00)
Iran's NISOC shares forecast on oil production

TEHRAN, Iran, August 26. National Iranian South Oil Company (NISOC) announced that the oil production capacity in the South Oil Fields will reach 3 million barrels per day by the end of the current Iranian year (ends March 21, 2023), Trend reports citing ILNA.

Currently, NISOC is Iran's biggest oil producer, and the company is active in a land area of more than 400,000 km² with headquarters in Ahvaz and other five subsidiaries. NISOC is producing about 83 percent of all crude oil and 17 percent of natural gas produced in Iran and ranks as Iran's largest oil company.

Speaking at the opening ceremony of the second phase of the joint development of the Yaran oil field Project, Alireza Danshi, managing director of National Iranian South Oil Company said that the production capacity of Iran's south oil field will reach 3.280 million barrels per day in 5 years.

He said the NISOC is going to assess the credits required for increasing the oil output capacity up to 3.28 million barrels per day.

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