BAKU, Azerbaijan, July 9. Crude oil production of Iranian Offshore Oil Company (IOOC) from Abouzar oil field is estimated to increase by approximately 10,000 barrels per day with the installation of the A20 and A21 platforms in the field over the second half of the current Iranian year (September 23, 2023 through March 19, 2024), CEO of the IOOC Alireza Mehdizadeh said, Trend reports.
According to Mehdizadeh, there is currently 85 percent physical progress in the installation of the mentioned platforms. Each platform weighs about 1,200 tons. The support columns of the platforms have already been installed in the Abouzar oil field.
“At present, 8 wells are being drilled in the Abouzar oil field. So, 90 percent of the drilling work has already been completed. Also, 4 pipelines with a length of 18 km are being laid for the transportation of crude oil on land, and 90 percent of the work in this direction has also been completed,” the CEO added.
Iranian Offshore Oil Company (IOOC) was established in 1980 under the auspices of the National Oil Company of Iran. The territory under the control of the IOOC is more than 1,800 square kilometers. The company's oil fields contain 96 million barrels of crude oil reserves, of which 16 million barrels are extractable.
Moreover, there are 180 billion cubic meters of gas reserves in gas fields under the company's control. Of this, more than 120 billion cubic meters are extractable.
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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