BAKU, Azerbaijan, March 30. Iran has increased crude oil exports by 40 percent, as well as gas condensate exports by 2.5 times, over the last six months of last Iranian year (September 23, 2021 through March 20, 2022), compared to the same period preceding Iranian year, Iranian Deputy Oil Minister and the CEO of the National Iranian Oil Company (NIOC), Mohsen Khojasteh Mehr said, Trend reports citing the company’s website.
The minister noted that within the last six months, Iran's oil exports to some countries (including China) have increased, compared to the time when the Joint Comprehensive Plan of Action (JCPOA) between Iran and the P5+1 group (US, Russia, China, UK, France, and Germany) was in force.
Khojasteh Mehr also added that the new Iranian government (which has been in power since August 2022) is taking steps to restore markets lost during the US sanctions against Iran. In this regard, the focus is on increasing exports of crude oil and gas condensate.
In January 2016, JCPOA was launched between Iran and the P5+1 group (US, Russia, China, UK, France, and Germany) in connection with Iran's nuclear program. The deal was in force as of the beginning of 2017.
As a result of the deal, Iran's crude oil exports amounted to 2.3 million barrels per day. Meanwhile, in May 2018, the US announced its withdrawal from the deal and imposed sanctions on Iran in November of the same year. As a result of the sanctions, Iran's crude oil exports fell to about 400,000 barrels per day.
Discussions are underway in Vienna, Austria, in connection with the re-entry of the deal into force.
Reportedly, Iran's crude oil exports reached 900,000 barrels per day at the end of 2021.
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 – Iranian Central Oil Fields Company (ICOFC), 5 fields – Arvandan Oil and Gas Company (AOGC), and 18 oil fields – Iranian Offshore Oil Company (IOOC).
In addition, 5 gas fields are operating in the territory of the NISOC, 13 fields – the ICOFC, 1 field – Pars Oil and Gas Company (POGC), and 3 gas fields – the IOOC.
Iran’s total hydrocarbon reserves are estimated at 1.2 trillion barrels. With available technology and equipment, Iran can extract 340 billion barrels. Thus, 30 percent of the country's hydrocarbon reserves are recoverable, while 70 percent remain underground.
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