BAKU, Azerbaijan, May 10. An agreement was signed in Tehran to increase production at Iran's Paranj oil field, operated by the National Iranian South Oil Company (NISOC) on May 9, Trend reports citing the country's Ministry of Petroleum.
The deal was signed during the 29th Iran International Oil, Gas, Refining, and Petrochemical Exhibition. The agreement involves the NISOC, Mapna Oil & Gas Development Company, and Ghadir Electricity & Energy Investment Company, with an investment of around $200 million allocated for the project.
The goal of the agreement is to boost production at the Paranj field, utilize local potential, and modernize the field's equipment.
The Paranj oil field is located in the Behbahan County of Khuzestan Province in southwestern Iran. It is estimated that the field contains over 1.6 billion barrels of crude oil, with around 430 million barrels deemed recoverable.
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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