BAKU, Azerbaijan, June 24. The demand for Iran’s gas condensate by various countries is currently at a high level, Iranian Oil Minister Javad Owji said, Trend reports.
The minister noted that at present, Iran produces an average of 800,000 barrels of gas condensate per day.
Owji said that Iran's Oil Ministry has signed contracts with various countries on the export of gas condensate.
According to him, when the current government came to power in Iran (since August 2021), all of Iran's storage facilities as well as leased tankers were full of gas condensate.
The minister added that 87 million barrels of gas condensate were stored in tankers alone, and $480 million was spent to store this volume gas condensate. Despite the sanctions against Iran, all gas condensate in tankers has already been sold.
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.
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 as of November 2018.
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.
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