Iran Approves Project To Increase Crude Oil Output
Date
5/27/2024 5:18:17 AM
(MENAFN- Trend News Agency) BAKU, Azerbaijan, May 27. Iran has approved aproject to increase crude oil production by 400,000 barrels perday, Trend reports.
According to the country's presidential office, the decision wasmade during the second meeting of the Economic Council led byIran's acting president, Mohammad Mokhber, on May 25.
As per the National Oil Company of Iran, the country's dailycrude oil production will increase from 3.6 million barrels to 4million in the current Iranian year (from March 20, 2024 throughMarch 20, 2025). The project will require an investment of $3billion and is expected to generate $7 billion in revenue fromcrude oil.
Currently, Iran has 74 active oil fields and 22 gas fields are 37 oil fields operating under the Southern Oil ZonesNational Company of Iran, 14 under the Central Oil Zones Company ofIran, 5 under the Arvandan Oil and Gas Production Company, and 18under the Offshore Oil Company. Additionally, there are 5 gasfields operating under the Southern Oil Zones National Company ofIran, 13 under the Central Oil Zones Company, 1 under the Pars Oiland Gas Company, and 3 under the Offshore Oil Company.
Meanwhile, Iran's total hydrocarbon reserves amount to 1.2trillion barrels. With current technology, Iran can extract 340billion barrels. This means that approximately 30 percent of thereserves are accessible, while 70 percent remain unusedunderground.
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