BAKU, Azerbaijan, April 23. Iran is planning a significant increase in crude oil production by developing 41 oil fields across various regions of the country, aiming to raise output by over one million barrels per day, said Reza Aghebati, the official of engineering and development at the National Iranian Oil Company (NIOC), Trend reports.
Sharing the plan at the “Investment and Development in Iran’s Oil and Gas Sector” Forum, held in Tehran on April 22, Aghebati noted that these oil field developments will create substantial investment opportunities for potential investors.
He further stated that the National Iranian South Oilfields Company (NISOC) could increase its daily crude oil production by 570,000 barrels with an investment of $14.5 billion.
Aghebati also outlined potential increases in daily oil production from several other areas, the Iranian Offshore Oil Company (IOOC) could add 278,000 barrels, the Iranian Central Oil Fields Company (ICOFC) could boost output by 122,000 barrels, Pars Oil and Gas Company (POGC) could contribute 50,000 barrels, and the Caspian Oil Company could add 40,000 barrels, he said.
The official noted that NIOC is focused on directing investments, both large and small, to the development of these fields.
A total of 74 oil fields and 22 gas fields are currently operating in Iran. There are 37 oil fields in the territory of the National Company of Iran's Southern Oil Zones, 14 in the territory of the Iranian Central Oil Zones Company, five in the territory of the Arvandan Oil and Gas Production Company, and 18 in the territory of the Offshore Oil Company. Additionally, the South Oil Zones National Company of Iran operates five gas fields, the Central Oil Zones Company operates 13, the Pars Oil and Gas Company operates one, and the Offshore Oil Company operates three.
Iran's total hydrocarbon reserves are 1.2 trillion barrels. Iran can produce 340 billion barrels of this gas with existing technological equipment. Iran can use about 30 percent, while 70 percent remains unused underground.
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