BAKU, Azerbaijan, February 24. Iran currently doesn't require the Strait of Hormuz for the daily export of crude oil, said Touraj Dehghani, CEO of Iran's Pars Oil and Gas Company, Trend reports.
Speaking at the Third Petrotech Conference in Tehran, Dehghani explained that the construction of the Qure-Cask pipeline had provided Iran with an alternative means to transport crude oil.
Dehghani stated that five pumping stations, loading facilities, and other infrastructure have been installed along the 1,000 km, 42-inch pipeline. Iran leveraged the capabilities of local manufacturers for the $2 billion pipeline construction.
The pipeline was completed using the expertise of local manufacturers in Iran, despite challenges with obtaining essential pipeline components from foreign companies due to sanctions.
"The Qure-Cask pipeline demonstrates Iran's significant potential in this area. In the first phase of its construction, the pipeline enabled the transport of 350,000 barrels of crude oil daily. Over the past two years, 90 percent of the work for the second phase has been completed," he noted.
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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