BAKU, Azerbaijan, October 15. The collection of flare gas along with crude oil in the territory of the National Iranian South Oil Company (NISOC) is necessary to be accelerated and the problems with the production growth must be resolved, Deputy Minister of Oil, CEO of the National Iranian Oil Company Hamid Bovard said at a meeting held to examine issues related to production plans and contracts in the territory of the NISOC today, Trend reports.
According to him, the main goals are to take effective steps towards the implementation of production plans, use local potentials, and increase coordination between departments within the company.
The deputy minister added that by accelerating the implementation of projects for collecting associated gases produced along with oil, it's possible to protect the environment and make better use of national reserves.
Currently, Iran has 74 active oil fields and 22 gas fields. Of these, 37 are operated by the National Iranian South Oil Company, 14 by the Iranian Central Oil Fields Company, five by the Arvandan Oil and Gas Production Company, and 18 by the Iranian Offshore Oil Company. As for gas, five fields are located in the territory of the National Iranian South Oil Company, 13 in the Iranian Central Oil Fields Company, one in the Pars Oil and Gas Company, and three in the Iranian Offshore Oil Company.
Iran’s total hydrocarbon reserves are estimated at 1.2 trillion barrels. With existing equipment and technology, about 340 billion barrels can be extracted, meaning that only around 30 percent of reserves are recoverable, while the remaining 70 percent remains untapped underground.
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