BAKU, Azerbaijan, November 2. The National Iranian Oil Company (NIOC) is working to boost crude oil production by 250,000 barrels per day in cooperation with the private sector, NIOC Managing Director Hamid Bovard said at an event on the signing of contracts for the collection of flare gas produced along with oil and gas from various oil fields, Trend reports.
According to him, work is being done to elevate crude oil refining by 520,000 barrels.
Bovard also said that as for increasing gas production, contracts worth $1.6 billion were signed with the private sector last month within the framework of various projects with petrochemical and steel companies, and contracts were also signed regarding the Gordan and Pazen gas fields.
The company official added that by the end of the current Iranian year (March 20, 2026), three or four more contracts are expected to be signed in the gas sector with the help of the private sector.
12 contracts were signed between NIOC and local companies.
Based on the contracts, work will be carried out to collect associated gas produced along with crude oil in oil reservoirs.
In total, 295 million cubic feet (approximately 8.34 million cubic meters) of associated gas will be added to the volume of associated gas to be collected with a total investment of $800 million.
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