BAKU, Azerbaijan, December 5. Iranian Offshore Oil Company (IOOC) is expected to increase production from the Gavarzin gas field in Hormozgan Province (southern Iran), by 30-35 million cubic feet (about 850,000-990,000 cubic meters) per day, an official of the IOOC Mohammad Atyar said, Trend reports citing the company’s website.
“Furthermore, the company is expected to increase gas condensate production from the mentioned field by about 100,000 barrels per day,” the official said.
Atyar added that the company started extraction from 3 more wells due to the increase in production from the Gavarzin gas field.
Iran's gas production is reportedly around 1 billion cubic meters 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 – the Iranian Central Oil Fields Company (ICOFC), 5 fields – by 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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