BAKU, Azerbaijan, October 2. Iran’s Arvandan Oil and Gas Company aims to raise its daily crude oil output to 900,000 barrels in the long run, an official of Iran’s Arvandan Oil and Gas Company Isa Noyeri said, Trend reports.
He made the remark at an event in Tehran dedicated to the signing of contracts for reviving production from five wells in three oil fields.
Noyeri noted that the company could increase its oil output by using new technologies or new production models in wells that have low or no production in the company’s oil fields.
The official gave an example of well No. 100 of the Azadegan oil field, which started producing oil in 2020 but soon faced a sharp decline in output due to a pressure drop. He added that by using new models and technologies, the production from this well could be maximized.
Noyeri also said that the oil fields in the company’s area have more than 96 billion barrels of oil reserves, of which 8.3 billion barrels are recoverable.
On October 2, 2023, Iran's Oil Industry Technology and Innovation Park and four local start-up companies signed contracts to restore production from five low-yield oil wells in Tehran.
The Arvandan Oil and Gas Company operates under the auspices of the National Iranian Oil Company (NIOC). The company has a capacity to produce 400,000 barrels of crude oil per day. The company can also produce 7.64 million cubic meters (270 million cubic feet) of gas 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 of the Iranian Central Oil Fields Company (ICOFC), 5 fields of the Arvandan Oil and Gas Company (AOGC), and 18 fields of the Iranian Offshore Oil Company (IOOC).
In addition, 5 gas fields are operating in the territory of the NISOC, 13 fields are operated by the ICOFC, 1 field is operated by Pars Oil and Gas Company (POGC), and 3 gas fields are operated by 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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