BAKU, Azerbaijan, October 7. The crude oil production of Iran's Karoon Oil and Gas Production Company is planned to reach 1,015,000 barrels per day by the end of the current Iranian year (March 20, 2025), Executive Director of Iran's South Oil Zones National Company Ebrahim Piramoun said at a meeting on increasing production at Karoon Oil and Gas Production Company, Trend reports.
According to him, Karoon Oil and Gas Production Company currently owns 40 percent of the crude oil produced in the territory of South Oil Zones National Company, producing 1 million barrels of crude oil per day, while crude oil is produced in eight major oil fields in the territory of this company.
Piramoon added that the focus will be on fixing the existing problems in producing crude oil from the wells.
The Karoon Oil and Gas Production Company is working to collect the flare gases burned during oil production, according to the official.
Karoon Oil and Gas Production Company owns 27 percent of Iran's crude oil production.
Meanwhile, Karoon Oil and Gas Production Company, operating under the National Company of Southern Oil Zones of Iran, has the potential to produce more than 1 million barrels of oil per day. This company's main oil fields are Ahvaz, Mansouri, Ab-Teymour, and Ramin.
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.