23 March 2021 - 14:10
  • News ID: 314762
Iran Prepared to Return to World Oil Markets: CEO

TEHRAN (Shana) -- The CEO of the National Iranian South Oil Company (NISOC) said Iran is prepared the return to the global oil markets given enhancement of oil production in the company.

According to IRNA, Ahmad Mohammadi  stated that his company experienced a 30% increase in its oil production in the first half of the previous Iranian calendar year which began on March 21st 2020, adding, "According to plans, production will increase by another 10% by the end of the new calendar year of 1400 compared to the current figure."
Stating that 6 packages have been signed in the first phase of plans to enhance and maintain oil production in 28 fields operated by NISOC, he said the subsurface sector of the projects have made 50% progress, while the progress of these projects in the surface sector is about 20%.
He added the contracts for 19 packages have been signed and only the tenders for 2 packages concerning Gachsaran and Qala-e-Nar fields remain, which are also in the final stages.
Mohammadi pointed out that in the Nargesi reservoir package, about 5,000 barrels of production increase is ready, adding 3 packages of the first 6 packages are ready for production, while in the Lali reservoir package, 2 wells will be productive in the near future.
According to him, the packages assigned in the second phase are in various stages of development, and work has begun on the packages in the third phase.
"By implementing production increase and maintenance plans, a total of 300,000 barrels of oil will be added to the production of south oilfields, and production decline by the same amount will be prevented in these 28 reservoirs," he further added.
Mohammadi pointed to the increase in oil production in the southern oil-rich regions in the second half of last calendar year, and said: "We increased oil output by 30% compared to the first half of last year, and for 1400 we have a detailed plan looking at maximum production.”

News ID 314762


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