BAKU, Azerbaijan, September 17. The production at the Iranian oil fields of Sepehr and Jofair will increase by 12,000 barrels per day by the end of the current Iranian year (March 20, 2025), the representative of Iranian Oil Engineering and Development Company Humayun Kazimeini told reporters, Trend reports.
According to him, 43,000 barrels of crude oil are produced daily at the Sepehr and Jofair fields. This production will increase to 55,000 barrels per day by the end of the year. Raking in this amount of crude oil means the country is pocketing a cool $1 billion a year.
Kazimeini added that the daily production of the two fields mentioned as the first phase was planned at 36,000 barrels. Currently, crude oil is produced from nine wells in the fields.
The official stated that under the planned program, production at the Sepehr and Jofair fields will increase to 110,000 barrels per day in the next 4-5 years.
To note, the Sepehr and Jufair oil fields are located in the southwest of Iran, in Khuzestan province. The Sepehr oil field in Iran contains 5.4 billion barrels of oil. It is reported that its production could reach 450 million barrels. The Jufair oil field in Iran contains 4.4 billion barrels of oil. It is reported that its production could reach 390 million barrels.
At present, Iran is in the driver's seat with 74 oil fields and 22 gas fields under its belt. The National Iranian South Oil Company has its hands full with 37 fields, while the National Iranian Central Oil Company keeps a close eye on 14. The Arvand Oil and Gas Company is in the thick of things with 5 fields, and the Offshore Oil Company is sailing smoothly with 18 fields under its belt.
Additionally, gas fields include 5 managed by the National Iranian South Oil Company, 13 by the National Iranian Central Oil Company, one by Pars Oil and Gas Company, and 3 by the Offshore Oil Company.
Iran's treasure trove of hydrocarbon reserves stands at a whopping 1.2 trillion barrels, with 340 billion barrels ripe for the picking using today's technology. The country can make hay while the sun shines with about 30 percent, while the other 70 percent is still sitting on the fence underground.