BAKU, Azerbaijan, November 4. Iran's Petroleum Development and Engineering Company (PEDEC) has produced 1.5 billion barrels of crude oil since its establishment (1994), the executive director at Iran's Petroleum Engineering and Development Company (PEDEC) Nasrullah Zarei said, Trend reports.
He announced this during a meeting with the company's officials in Tehran on November 4.
According to him, crude oil has brought over $100 billion to Iran in the aforementioned volume.
Zarei added that the Petroleum Development and Engineering Company is also involved in the development of gas fields in addition to oil fields.
“Iran plans to increase crude oil production by 1 million barrels per day in the next five years (2024-2029). The Petroleum Development and Engineering Company will also play a fundamental role in increasing crude oil production,” he noted.
To note, a total of 74 oil fields and 22 gas fields are currently operating in Iran. There are 37 oil fields in the territory of the National Company of Iran's Southern Oil Zones, 14 in the territory of the Iranian Central Oil Zones Company, 5 in the territory of the Arvandan Oil and Gas Production Company, and 18 in the territory of the Offshore Oil Company. Additionally, the South Oil Zones National Company of Iran operates 5 gas fields, the Central Oil Zones Company operates 13, the Pars Oil and Gas Company operates 1, and the Offshore Oil Company operates 3.
Iran's total hydrocarbon reserves are 1.2 trillion barrels. Iran can produce 340 billion barrels of this gas with existing technological equipment. Iran can use about 30 percent, while 70 percent remains unused underground.