BAKU, Azerbaijan, February 24. National Iranian South Oil Company (NISOC) is focusing on increasing crude oil production by raising the recovery rate from gas injection, aiming to elevate the current production factor from 20 percent to 29 percent, said Ibrahim Piramoun, the CEO of NISOC, Trend reports.
Addressing the third Petrotech conference in Tehran, Piramoun remarked that the company has about 400 billion barrels of crude oil reserves in its operating areas and about 20 percent of this oil can be extracted under current conditions.
The official pointed out that under the National Oil Company's strategy, daily injection of 3.5 billion cubic feet (about 99 million cubic meters) of gas into the reservoirs is essential to achieve a six percent increase in crude oil output.
Notably, approximately 75 percent of the country's crude oil production is managed by NIOC's South Oil Zones.
According to the OPEC report for January 2025, Iran's crude oil production stood at 3.28 million barrels per day, marking a 14 percent decrease compared to December 2024.
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. As many as 37 oil fields are 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, 5 gas fields are 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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