BAKU, Azerbaijan, February 6. Iran will earn about $6 billion annually from 7 projects in the oil and gas sector, said Mohsen Khojasteh Mehr, deputy oil minister and CEO of the National Iranian Oil Company (NIOC), Trend reports.
He made this statement on February 6 at a ceremony in Khuzestan Province, where several oil and gas fields and other facilities were inaugurated.
Khojasteh Mehr stated that from February 1 to 11, which marks the 10-day celebration of the Islamic Revolution’s anniversary in Iran, 7 oil and gas fields and related facilities will become operational, increasing Iran’s crude oil production capacity by 150,000 barrels per day and its gas production capacity by 28 million cubic meters per day.
The deputy minister also said that Iran has produced 81 billion barrels of crude oil so far, of which 70 percent was produced after the Islamic Revolution in 1979.
NIOC CEO added that half of the oil and gas fields in the country were developed after the revolution.
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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