BAKU, Azerbaijan, September 1. National Iranian South Oil Company (NISOC) has invested a total of 50 trillion rials (about $87 million) and 194 million euros in projects scheduled for commissioning, said the company’s Executive Director, Ebrahim Piramoun, Trend reports.
In a statement to local media, Piramoun noted that work has been completed under 22 major development, environmental, and infrastructure projects.
Piramun added that these projects aim not only to ensure a steady increase in crude oil and gas production but also to significantly reduce environmental pollutants and safeguard the country’s energy resources.
NISOC, which operates under the National Iranian Oil Company (NIOC), holds 45 large and small hydrocarbon fields across an area stretching 400,000 square kilometers from Iran’s Bushehr Province to northern Khuzestan Province.
An investment worth $8.3 billion in the territory of the Iranian Central Oil Fields Company (ICOFC) will allow the addition of 5.5 billion cubic feet (about 156 million cubic meters) of gas to daily production.
Furthermore, there exists an opportunity to enhance daily crude oil production by 570,000 barrels within the jurisdiction of the Southern Oil Company, necessitating an estimated capital infusion of approximately $14.5 billion.
Iran’s total hydrocarbon reserves are estimated at 1.2 trillion barrels. With existing technological equipment, Iran can extract 340 billion barrels, meaning only around 30 percent is currently recoverable, while 70 percent remains underground and untapped.
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