BAKU, Azerbaijan, October 18. Iran needs to enhance its equipment and technologies to support oil and gas production, development, and exploration, Mohyeddin Jafari, head of the Exploration Department at the National Iranian Oil Company (NIOC), told local media, Trend reports.
Jafari noted that increasing exploration operations and developing production wells requires a significant expansion in the number of drilling rigs.
“The NIOC plans to allocate funds to purchase several drilling rigs. If investors participate in this sector, acquiring additional rigs is possible. Currently, five rigs onshore and one offshore are needed, and the NIOC intends to provide them through a tender process,” Jafari said.
He indicated that exploratory operations are presently underway utilizing three drilling units targeting gas reservoirs and an additional three drilling units focused on oil reservoirs.
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.
The National Iranian Oil Company (NIOC) operates as a sovereign entity, wielding unilateral authority over the entirety of Iran's hydrocarbon sector. It is tasked with the comprehensive management of upstream and downstream activities, encompassing the exploration, extraction, logistics, and international trade of petroleum and natural gas resources. This entity ranks among the globe's preeminent hydrocarbon conglomerates, operating under the auspices of the Ministry of Petroleum. It engages in multifaceted operations through a plethora of subsidiaries that span the entire value chain, encompassing entities such as Pars Oil and Gas Co. and the National Iranian South Oil Company.
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