BAKU, Azerbaijan, January 13. Iran's National Iranian South Oil Company has allocated 41 trillion rials (about $71.2 million) funds for the first time for the production of equipment, the National Iranian South Oil Company (NISOC) managing director, Ibrahim Piramun, told reporters, Trend reports.
Speaking at the 15th Khuzestan Oil Industry Equipment Manufacturing Exhibition, Piramun noted that six licenses have been issued by the Iranian Presidential Administration for Science, Technology, Economy, and Startup Companies to facilitate the first-ever production of various types of pipes, drilling rig spare parts, chemical laboratory equipment, and oil waste recycling machinery.
The official also added that, in addition, nine technological packages worth 41.7 trillion rials (about $72.2 million) have been submitted to the same Presidential Administration. These packages encompass the production of turbines, compressors, well equipment, processing equipment, and other essential technologies.
The four-day 15th Khuzestan Oil Industry Equipment Manufacturing Exhibition kicked off in Iran on January 11.
To note, Iran's Southern Oil Zones National Company has determined a daily increase in crude oil production by 2.85 million barrels per day over the next five years and announced this to its subordinate companies.
Iran's Southern Oil Zones National Company, affiliated with the National Oil Company of Iran, owns 45 large and small hydrocarbon fields in an area of 400,000 square kilometers from the Iranian province of Bushehr to the northern province of Khuzestan. The company's territories produce about 80 percent of Iran's crude oil and 16 percent of its gas.
The total amount of hydrocarbons held by Iran amounts to 1.2 trillion barrels. Using their current technology, Iran is capable of producing 340 billion barrels. Just over 30 percent is usable, with the remaining 70 percent lying dormant beneath the earth.
