BAKU, Azerbaijan, March 17. Iran aims to increase its flare gas collection to 16 billion cubic meters per year by 2029, said the country’s Minister of Oil, Mohsen Paknejad, told local media, Trend reports.
Paknejad noted that the goal is to collect an additional four billion cubic meters of flare gas annually.
Paknejad also mentioned that, in the past 1.5 months, daily flare gas collection from the Rag-Sefid oil field has increased from 40 million cubic feet (about 1.13 million cubic meters) to 80 million cubic feet (about 2.26 million cubic meters). By April 20, this number is expected to reach 120 million cubic feet (about 3.4 million cubic meters) daily.
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, five under the Arvandan Oil and Gas Production Company, and 18 under the Offshore Oil Company. Additionally, there are 5 gas fields up and running under the Southern Oil Zones National Company of Iran, 13 under the Central Oil Zones Company, one 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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