BAKU, Azerbaijan, September 9. Right on the doorstep of Azerbaijan, the recently unearthed oil field in the Mugan Plain in Iran's northwestern Ardabil Province is set to be a real cash cow, churning out an estimated 500 to 700 barrels per day, Ardabil Province Governor Hamed Amili told the press, Trend reports.
According to Amili, the "Orta Dag" oil field has been added to the list of fields managed by the National Iranian Oil Company (NIOC).
Amili noted that the region has been thoroughly explored over the past three years, and the results are crystal clear: Ardabil Province is sitting on a treasure trove of significant oil reserves.
“We are working on a decision to construct an oil refinery in the Mugan area with a capacity of 5,000 barrels,” he added.
He also mentioned that exploration and development activities will continue in other areas of Mugan, as well as in Germi, Parsabad, Bilasuvar, and Aslanduz districts.
Currently, Iran operates 74 oil fields and 22 gas fields. The South Oil Zones National Company manages 37 fields, the Central Oil Zones Company oversees 14, the Arvand Oil and Gas Production Company controls 5, and the Offshore Oil Company handles 18 oil fields.
Additionally, the South Oil Zones National Company operates 5 gas fields, the Central Oil Zones Company has 13, the Pars Oil and Gas Company manages 1, and the Offshore Oil Company operates 3 gas fields.
Iran's total hydrocarbon reserves amount to 1.2 trillion barrels, with current technology capable of extracting approximately 340 billion barrels. This means that about 30 percent of Iran’s reserves are utilized, while 70 percent remains untapped underground.