BAKU, Azerbaijan, April 23. Investment opportunities have been identified to increase oil and gas production in the territory of the National Iranian South Oil Company (NISOC), said the company’s CEO Ibrahim Piramoun, Trend reports.
Speaking at the “Investment and Development in Iran’s Oil and Gas Sector” forum held in Tehran on April 22, Piramoun noted that some of Iran’s largest oil fields are located within NISOC’s jurisdiction. He emphasized that the company aims to expand crude oil production and enhance the extraction efficiency by developing these fields.
Piramoun stated that the volume of crude oil reserves in the company’s area is estimated at one hundred and ten billion barrels. We have already increased the extraction efficiency to 18 percent.
“The company’s territory contains several untapped oil and gas fields. These fields are a significant opportunity for investors,” he added.
The Iranian South 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 Iran's Bushehr Province to the north of Khuzestan Province.
Additionally, according to recent estimates, investing around 8.3 in Iran’s Central Oil Fields Company could boost daily gas output by 5.5 billion cubic feet (about 156 million cubic meters).
It is also noted that an investment of $14.5 billion could increase daily crude oil production in NISOC’s territory by 570,000 barrels.
Iran's total hydrocarbon reserves are estimated to be around 1.2 trillion barrels, but with current technology, only about 30 percent of this is accessible, leaving the remaining 70 percent untapped underground.
