BAKU, Azerbaijan, January 24. The Central Bank of Iran (CBI) will sign a contract worth $600 million with the Ministry of Oil of Iran in the near future, said Mohammad Reza Farzin, director general of the CBI, Trend reports.
Farzin said that the CBI, based on its strong foreign currency reserves, has proposed to fund the expansion of oil fields, and a contract is being drafted for this purpose.
He also said that the CBI, along with other investors, wants to make the most of Iran’s hydrocarbon wealth and boost production.
There are currently 74 oil and 22 gas fields in Iran. So, 37 oil fields are operating in the territory of the National Iranian South Oil Company (NISOC), 14 fields of the Iranian Central Oil Fields Company (ICOFC), 5 fields of the Arvandan Oil and Gas Company (AOGC), and 18 fields of the Iranian Offshore Oil Company (IOOC).
In addition, 5 gas fields are operating in the territory of the
NISOC, 13 fields are operated by the ICOFC, 1 field is operated by
Pars Oil and Gas Company (POGC), and 3 gas fields are operated by
the IOOC.
Iran’s total hydrocarbon reserves are estimated at 1.2 trillion
barrels. Iran can extract 340 billion barrels with the available
technology and equipment. Thus, 30 percent of the country's
hydrocarbon reserves are recoverable, while 70 percent remain
underground.
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