BAKU, Azerbaijan, October 16. Iran's crude oil output is expected to reach 3.5 million barrels per day by the end of the current Iranian year (March 19, 2024), Iranian Deputy Oil Minister and the CEO of the National Iranian Oil Company (NIOC), Mohsen Khojasteh Mehr said, Trend reports.
The deputy minister noted that Iran's crude oil production is currently close to 3.4 million barrels per day.
“Last week, Iran began producing 20,000 barrels of crude oil daily from the Sepehr and Jufair oil fields. "Shortly, these fields will be officially put into use with the participation of Iran's oil minister, Javad Owji,” he added.
Sepehr Field's reserves are estimated at 5.4 billion barrels of oil, of which 450 million barrels are extractable. The Jufair oil field's reserves are estimated at 4.4 billion barrels of oil. Its potential production reaches 390 million barrels, of which 390 million barrels are extractable.
Both fields are operated by Iran’s Petroleum Engineering and Development Company (PEDEC).
In general, two phases have been determined for the development of the two fields mentioned. In May 2020, a contract was signed among the National Iranian Drilling Company, Pezhvak Energy Engineering Services Company (PECO), and Pasargad Energy Development Group for the development of the Sepehr and Jufair oil fields. The value of the contract signed under the IPC (Iran Petroleum Contract) was $60 million.
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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