BAKU, Azerbaijan, February 24. Iran intends to increase its crude oil production by 400,000 barrels per day by August 2025, said Hamid Bovard, Deputy Oil Minister and Head of the NIOC, Trend reports.
At the third Petrotech Conference in Tehran, Bovard pointed out that the country's ambitions to ramp up crude oil production are already off to the races.
The Deputy Minister also mentioned that by the end of the current Iranian year (March 20, 2025), projects related to the collection of flare gas produced alongside crude oil will be completed. As a result, the volume of flare gas collected daily, along with crude oil, is expected to rise to 14–15 million cubic meters.
Bovard highlighted that the construction of the NGL-1200 plant for flare gas collection has been completed, and its second phase will be launched in the coming months.
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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