BAKU, Azerbaijan, April 2. Iran could extract oil and gas for at least another 100 years, under the current conditions and extraction capacity, Iranian Deputy Oil Minister and the CEO of the National Iranian Oil Company (NIOC), Mohsen Khojasteh Mehr told IRIB, Trend reports.
According to Khojasteh Mehr, Iran currently has more than 1.2 trillion barrels of hydrocarbon reserves.
The deputy minister also added that by increasing the extraction ratio, Iran will be able to extract 157 billion barrels of crude oil and about 33 trillion cubic meters of gas.
“Within the second six months of last Iranian year (September 23, 2021 through March 20, 2022), the National Iranian Oil Company was able to increase its crude oil extraction capacity,” he said.
The CEO noted that in this regard, the specialists of the NIOC carried out more than 1,800 operations and overhauled oil and gas wells. About $500 million has been spent in this direction.
“In addition, Iran began extraction from 13 new oil wells over the reporting period,” Khojasteh Mehr said.
In recent days, Iran has announced that its crude oil extraction capacity exceeded 3.8 million barrels per day.
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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