BAKU, Azerbaijan, December 19. Iran aims to boost its crude oil production capacity by 1 million barrels per day within the next 8 years, said Mohsen Khojasteh Mehr, deputy oil minister and CEO of the National Iranian Oil Company (NIOC), at the 2nd Petro-Tech conference in Tehran, Trend reports.
The 2nd Exhibition and Conference of Technology Management and Increasing Knowledge-based Production in the Petroleum Industry began today in Tehran.
The minister stressed that this plan requires 250 drilling rigs, 2,400 new and 2,400 repaired oil wells, and 1,700 well pumps.
He also said Iran’s oil sector is vital for its economic growth and that the NIOC and the Oil Ministry plan to increase their share in the economy by collaborating with start-ups in oil and gas production by March 2028.
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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