BAKU, Azerbaijan, December 20. Iran’s Central Oil Fields Company (ICOFC) has unveiled a long-term plan to increase its output of crude oil and gas condensate to 500,000 barrels per day (bpd) and natural gas to 400 million cubic meters per day (mcm/d), Executive Director of Iran’s Central Oil Fields Company (ICOFC), Mehdi Heydari said, Trend reports.
Heydari said the plan involves enhancing production from over 600 oil and gas wells and developing 11 gas fields to add 100 million bpd to the current capacity.
However, the director did not specify the duration of the plan.
According to him, the company’s oil fields have a total reserve of 24 billion barrels, of which 2.39 billion barrels are recoverable. The gas fields have a reserve of 8.24 billion cubic meters, of which 3.68 billion cubic meters are recoverable.
The ICOFC has 84 oil and gas fields in 11 provinces of Iran, of which 13 gas fields and 13 oil fields have been developed. The ICOFC can produce about 250,000 barrels of crude oil and 250 million cubic meters of gas per day.
---
Follow the author on X (Twitter):@BaghishovElnur
