BAKU, Azerbaijan, August 5. Crude oil production by the Iranian Offshore Oil Company in the Persian Gulf will increase by 9,600 barrels per day in the near future, the company's CEO Alireza Mehdizadeh told reporters, Trend reports.
According to him, work on the installation of platforms A20 and A21 at the Abuzar oil field, owned by the company, is progressing rapidly.
Overall, 85 percent of the physical work has been completed; each platform weighs 1,100 tons, and these platforms are being installed by local Iranian companies, he explained.
Mehdizadeh added that last year (from March 21, 2023 through March 19, 2024), four wells were drilled at the site of platform A21 at the Abuzar oil field, with four wells being drilled at the site where platform A20 will be installed, and the work is expected to be completed by September 22.
The CEO pointed out that upon completion of the well drilling and the installation of the aforementioned platforms, production in the specified volume will be added to the company's output.
To note, the Abuzar oil field is located in Bushehr province, 75 km west of Kharg Island. Three platforms are operational at this field, producing over 200,000 barrels of crude oil daily.
The area under the jurisdiction of the Iranian Offshore Oil Company spans more than 1,800 square kilometers. The oil fields owned by the company have reserves of 96 million barrels of crude oil, of which 16 million barrels can be extracted. Additionally, the gas fields in the company's territories hold reserves of 180 billion cubic meters of gas, of which more than 120 billion cubic meters can be extracted.
Moreover, Iran's total hydrocarbon reserves amount to 1.2 trillion barrels. Iran can extract 340 billion barrels with existing technological equipment, of which about 30 percent can be utilized, while 70 percent remains unused underground.
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