BAKU, Azerbaijan, February 6. Iran will sign 8 new contracts valued at $14 billion for the development of its oil and gas fields by the end of the current Iranian year (March 19, 2024), Iran’s Oil Minister Javad Owji said, Trend reports.
He spoke at an event in Khuzestan Province on February 6, where several oil and gas fields and other facilities were inaugurated.
Owji noted that the new oil and gas contracts will allow boosting the country’s oil and gas industry, production, export and employment.
The minister added that 7 oil and gas fields and related facilities in Khuzestan Province were developed and launched with an investment of $2.2 billion and 2 trillion rials (about $47.6 million).
He also reported that the current government (which has been in power since August 2021) has finished 132 incomplete projects and spent $28.5 billion on them. Moreover, it has initiated new projects worth $48 billion and is progressing on them.
On February 6, 2024, Iran inaugurated 7 oil and gas fields and related facilities in Khuzestan Province. This increased Iran’s crude oil production capacity by 150,000 barrels per day and its gas production capacity by 28 million cubic meters 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 – 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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