BAKU, Azerbaijan, January 13. Iran will present 100 investment proposal packages to both local and foreign private sectors to increase its oil and gas production in the coming weeks, the Deputy Minister of Oil and Executive Director of the National Iranian Oil Company (NIOC) Hamid Bovard told reporters, Trend reports.
According to him, the Iranian Ministry of Oil will organize a seminar with the participation of Oil Minister Mohsen Paknejad to discuss these initiatives.
Bovard explained that five oil and gas-related projects in the country have been completed and are now ready for operation. These projects include the Varavi pressure enhancement station, the Ahvaz desalination plant with a capacity of 100,000 barrels, the central processing unit for the Azadegan oil field, the Gachsaran gas pressure station, and the Rag-Sefid flare gas collection project.
The NIOC executive director also noted that the country's gas production has risen to 1.1 billion cubic meters per day, ensuring the uninterrupted supply of gas to households. However, failure to adhere to gas consumption regulations has caused problems, and steps must be taken to improve consumption efficiency.
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.
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, 5 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 5 gas fields, the Central Oil Zones Company operates 13, the Pars Oil and Gas Company operates 1, and the Offshore Oil Company operates 3.