BAKU, Azerbaijan, February 14. Daily gas production of Iranian Central Oil Fields Company (ICOFC) is expected to increase by 142 million cubic meters by March 20, 2025, Iranian Deputy Oil Minister and the CEO of the National Iranian Oil Company (NIOC), Mohsen Khojasteh Mehr said, Trend reports citing the NIOC’s website.
He made the remark while getting acquainted with the oil and gas fields under the company on February 13, 2023.
Khojasteh Mehr noted that in order to increase the company's gas production, 13 gas fields will be developed and various steps will be taken under two projects to increase gas pressure.
The deputy minister added that a total of $3.6 billion is planned to be spent in this regard.
The CEO also pointed out that 240 million cubic meters of gas have been produced daily from the gas fields under the company since the beginning of the current winter season (as of December 21, 2022) in the country.
The Iranian Central Oil Fields Company has 84 oil and gas fields in 11 provinces of Iran. So far, 13 gas fields and 13 oil fields have been developed.
At present, the ICOFC has the capacity to extract about 250,000 barrels of crude oil and 250 million cubic meters of gas per day.
There are currently 74 active oil and 22 active 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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