BAKU, Azerbaijan, March 12. Iran's crude oil export is currently more than in previous years, despite all the problems, including the US and western countries sanctions against Iran in the fields of crude oil export, banking operations, transport and insurance, Iranian Oil Minister Javad Owji said, Trend reports citing Shana News Agency.
He made the remark at an event held on regarding to the sale of certificates of deposit for crude oil and gas condensate at Iran Energy Exchange (IRENEX) in Tehran on March 12.
Owji emphasized that Iran's crude oil and gas condensate exports for the last Iranian year (March 21, 2021 through March 20, 2022), increased by 190 million barrels compared to the preceding Iranian year (March 20, 2020 through March 20, 2021).
“Meanwhile, in the first 11 months of the current Iranian year (March 21, 2022 through February 19, 2023), the country’s crude oil and gas condensate export increased by 83 million barrels compared to the last Iranian year,” he added.
The minister also pointed out that all funds obtained from Iran's export of crude oil and gas condensate have been brought to the country. So, $14 billion worth of funds were paid to country's banks under the NIMA exchange rate and the recently established Currency and Gold Exchange Center during 11 months.
On May 8, 2018, the US announced its withdrawal from the Joint Comprehensive Plan of Action (JCPOA) between Iran and the 5+1 group (Russia, China, the UK, France, the US, and Germany) and imposed new sanctions against Iran.
Over the past period, the sanctions affected Iranian oil exports, more than 700 banks, companies, and individuals. The sanctions have resulted in the freezing of Iranian assets abroad.
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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