BAKU, Azerbaijan, January 12. National Iranian Oil Company (NIOC) approved 12 projects on new investments from August through November 2024, Mohsen Dahanzadeh from Iran's South Oil Zones National Company told reporters, Trend reports.
He said that the total value of the mentioned projects amounts to 36 trillion rials (nearly $62.2 million).
Dahanzadeh pointed out that these projects will play a key role in the development of infrastructure in the oil industry and the enhancement of production capacity.
He also mentioned that NIOC also approved 15 investment projects worth 21 trillion rials (roughly $36.3 million), which will help achieve a balance between continuous oil production and energy production-consumption in the oil industry.
The company official explained that, according to the plans, by the end of the current year (March 20, 2025), production is expected to increase under 11 of these projects.
"Overall, these projects will aim to increase crude oil processing capacity by 110,000 barrels per day and gas processing capacity by 1.5 trillion cubic feet per day (approximately 42.5 million cubic meters)," he added.
To note, 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 amount to 1.2 trillion barrels. With its existing technological equipment, Iran can extract 340 billion barrels of this. Iran can utilize approximately 30 percent of its reserves, while 70 percent remains unused underground.
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