BAKU, Azerbaijan, December 4. Iranian Petroleum Engineering and Development Company (PEDEC) seeks to increase production from oil fields located west of the Karun River to 820,000 barrels per day, the company's executive director Nasrullah Zarei told local media, Trend reports.
According to him, the current production of the country's oil fields located on the western bank of the Karun River is 480,000 barrels per day.
Zarei added that the Petroleum Engineering Company has implemented mega projects in the country with its first operation in 2000. The company has participated in the development of oil fields“ Surush”,“ Nowruz”,“ Darhovin"," North Azadgan" and "Yadavaran".
“Iran's Oil Ministry has planned to increase 250,000 barrels of daily crude oil production by the end of the current year (March 20, 2025) and 400,000 barrels of daily crude oil production by the end of next year (March 20, 2026). Some of this is also owned by a petroleum engineering and development company,” 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.