BAKU, Azerbaijan, November 2. The Iran Southern Oil Zones National Company is working to increase crude oil and gas production across its regions, head of the Oil and Gas Production Control Department at the National Iranian Oil Company (NIOC) Farrukh Alikhani said, Trend reports.
The initiative is crucial as the Southern Oil Zones National Company plays a significant role in the country's crude oil and gas output, Alikhani pointed out. To this end, the NIOC has decided to increase crude oil production in this company’s area from August 22, 2024, through March 20, 2025.
Alikhani noted that the increase in crude oil and gas production would clearly result in higher raw material supplies for petrochemical plants, increased exports, and enhanced national revenue.
He also mentioned that necessary programs are being implemented at the Southern Oil Zones National Company to facilitate this production boost.
To note, Iran's Southern Oil Zones National Company has determined a daily increase in crude oil production by 2.85 million barrels per day over the next five years and announced this to its subordinate companies.
Iran's Southern Oil Zones National Company, affiliated with the National Oil Company of Iran, owns 45 large and small hydrocarbon fields in an area of 400,000 square kilometers from the Iranian province of Bushehr to the northern province of Khuzestan. The company's territories produce about 80 percent of Iran's crude oil and 16 percent of its gas.
To add, Iran's total hydrocarbon reserves are 1.2 trillion barrels. Iran can produce 340 billion barrels with existing technological equipment. Iran can utilize about 30 percent, while 70 percent remains unutilized underground.