Iran prepares to surge oil production by 1.9M barrels in 8 y...| MENAFN.COM

Saturday, 04 February 2023 10:09 GMT

Iran prepares to surge oil production by 1.9M barrels in 8 years


(MENAFN) Head of the National Iranian Oil Company (NIOC) has stated that his firm prepares to surge the nation’s oil output volume to 5.7 million barrels per day (bpd) from the present 3.8 million bpd, as reported by Shana.

While giving a speech on Tuesday in the inking ceremony of a deal among NIOC as well as a local firm for surging the regain factor of low-yield oil wells, Mohsen Khojasteh-Mehr stated that 900,000 bpd of the stated volume will be reached via recovery-improvement ventures.

As said by the representative, there are presently 6,000 low-yield wells in the nation, between which 700 have been chosen to be handed over to proficient local firms for revival.

Khojasteh-Mehr stated that in line with NIOC’s regain plan, the Petroleum Industry Innovation and Technology Park, a firm accountable for the Oil Ministry’s innovation and technology ventures, has been put in charge of choosing the candid firms and USD500 million has been collected for this reason.

MENAFN26012023000045014228ID1105479475


Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.