BAKU, Azerbaijan, May 13. The total value of four contracts signed between National Iranian South Oil Company (NISOC) and local startup firms amounts to nearly $100 million, the company's CEO, Ebrahim Piramoon, told reporters, Trend reports.
According to Piramoon, two of these contracts focus on the domestic production of turbines and compressors required by the NISOC for the first time. These two contracts are valued at $80 million.
He also noted that the company is currently concentrating on two main areas to boost crude oil production in its territory. "The first involves making minor adjustments in the production process to increase output. The second is enhancing the extraction coefficient from reservoirs through major operations," he explained.
NISOC, which operates under the National Iranian Oil Company (NIOC), holds 45 large and small hydrocarbon fields across an area stretching 400,000 square kilometers from Iran’s Bushehr Province to northern Khuzestan Province.
An investment worth $8.3 billion in the territory of the Iranian Central Oil Fields Company (ICOFC) will allow the addition of 5.5 billion cubic feet (about 156 million cubic meters) of gas to daily production.
Moreover, there is potential to boost daily crude oil output by 570,000 barrels in the territory of the Southern Oil Company, which would require about $14.5 billion in funding.
Iran’s total hydrocarbon reserves are estimated at 1.2 trillion barrels. With existing technological equipment, Iran can extract 340 billion barrels, meaning only around 30 percent is currently recoverable, while 70 percent remains underground and untapped.
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