BAKU, Azerbaijan, February 24. Iran is planning to increase crude oil production through the use of new technological solutions, said Hamid Bovard, Deputy Oil Minister and Head of the NIOC, Trend reports.
Speaking at the third Petrotech Conference in Tehran, Bovard stated that crude oil production from the country's southern oil fields currently averages around 25 percent. Therefore, the use of technological solutions is essential to boost production.
The Iranian National Oil Company is working with a university in
Austria to apply cutting-edge global technology to the oil
industry, he added.
The Deputy Minister stressed that Iran's economic capacities might
be greatly enhanced if the country embraced this new technology and
increased production.
"Despite sanctions and other challenges in the oil and gas sector, significant increases have been recorded in Iran's crude oil and gas production over the past six months. At the same time, the situation regarding Iran's crude oil exports is considered normal," Bovard said.
The official also highlighted that Iran's current gas production is approximately 1.12 billion cubic meters per day, a substantial figure. However, he stressed the importance of focusing on energy consumption, which remains high. Iran plans to increase its daily gas production to 1.35 billion cubic meters over the next four years.
The third Petrotech Conference, which opened today and will run for two days in Tehran, is expected to witness the signing of six contracts for the production of key equipment for the oil sector and the presentation of nine new products.
Currently, Iran has 74 active oil fields and 22 gas fields. There are 37 oil fields operating under the Southern Oil Zones National Company of Iran, 14 under the Central Oil Zones Company of Iran, 5 under the Arvandan Oil and Gas Production Company, and 18 under the Offshore Oil Company. Additionally, there are 5 gas fields operating under the Southern Oil Zones National Company of Iran, 13 under the Central Oil Zones Company, 1 under the Pars Oil and Gas Company, and 3 under the Offshore Oil Company.
Iran's total hydrocarbon reserves amount to 1.2 trillion barrels. With existing technology and equipment, Iran can extract 340 billion barrels, but it is only utilizing about 30 percent of its reserves, with 70 percent remaining untapped underground.
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