BAKU, Azerbaijan, October 2. Iran's Southern Oil Zones National Company has determined a daily increase in crude oil production by 2.85 million barrels per day over the next five years and announced this to its subordinate companies, Trend reports.
According to information, the executive director of Southern Oil Zones National Company Ebrahim Piramoun announced this on October 2 in a meeting to study the 5-year crude oil production program at Marun Oil and Gas Production Company.
He noted that oil companies in Iran should strive not only to maintain the current production but also to implement the commitments made by the Ministry of Oil to increase production.
Piramoun added that Marun Oil and Gas Production Company plays a fundamental role as the third company operating under the aegis of the Southern Oil Zones National Company, producing 500,000 barrels of crude oil daily under current conditions.
The official stated that the sustainability of production has decreased in recent years. Therefore, it is necessary to strive to increase crude oil production.
Iran's Southern Oil Zones National Company, affiliated with the National Oil Company of Iran, owns 45 large and small hydrocarbon fields in an area of 400,000 square kilometers from the Iranian province of Bushehr to the northern province of Khuzestan. The company's territories produce about 80 percent of Iran's crude oil and 16 percent of its gas.
To note, Iran's total hydrocarbon reserves are 1.2 trillion barrels. Iran can produce 340 billion barrels with existing technological equipment. Iran can utilize about 30 percent, while 70 percent remains unutilized underground.