BAKU, Azerbaijan, February 9. National Iranian Oil Company (NIOC) is set to launch a range of strategic projects aimed at developing oil and gas fields, commissioning processing plants, and other related operations in the near future, Trend reports citing the NIOC.
According to the NIOC, work is currently underway at the Abuzar oil field, where platforms A20 and A21 are being installed. The installation of these platforms is expected to boost daily production capacity to 9,600 barrels.
Additionally, the construction of the NGL-3100 plant is underway to collect and process flare gas along with crude oil from several oil fields. The plant will be able to process up to 240 million cubic feet (approximately 6.8 million cubic meters) of gas per day.
Moreover, a total of $1.4 billion has been invested in these two projects.
At the Gachsaran oil field, a project to collect flare gas is in progress, with plans to gather and process 15 million cubic feet (around 425,000 cubic meters) of gas daily. The project at the Rag-Sefid oil field will involve the collection and processing of 80 million cubic feet (around 2.26 million cubic meters) of flare gas.
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 is occupied with 37 fields, while the National Iranian Central Oil Company is closely monitoring 14. The Arvand Oil and Gas Company is actively managing five fields, while the Offshore Oil Company is successfully managing 18 fields.
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. Only about 30 percent of the country's hydrocarbon reserves are currently accessible, with the remaining 70 percent lying underground.