Speaking on the sidelines of the first national conference on increasing the productivity of oil and gas wells, Mohsen Khojastehmehr told reporters on Tuesday that any knowledge-based company can make five wells productive within three years.

To revive low-yield and hamstrung wells, 40 companies are applying for cooperation, and after their evaluation, a contract will be signed with these companies to start working together with well technical service companies, said the NIOC CEO.

Touching on the 16th Joint Economic Commission with Russia, he said: “In this round of meetings, discussions were held on two axes; first, the status of seven oil fields, and second, the latest status of geological and reservoir studies of the $40 billion contract with Russia.”

The CEO of the National Iranian Oil Company announced the deployment of Russian study teams in Iran's oil and gas fields, and said: “After the studies are over, a steering team will leave for Tehran to summarize the studies at the end of November.”

He also told the reporters about the development status of phase 11 of South Pars: “The Oceanic vessel is located in Asaluyeh and the activities of the South Pars phase 11 development project are underway, and this winter, gas from phase 11 will be available.”

The deputy minister of oil also clarified about the imbalance between gas production and consumption and the safe passage of winter: “The country's gas production capacity, which is one billion cubic meters, will not decrease for this year, but we have increased in the consumption sector, and the Iranian Central Oil Fields Company is working to increase gas production in order to pass the winter safely.”

Regarding the status of Azadegan Field and its development process, he said: “20 new wells became productive this month and 10 more wells will become productive by next month.”

Khojastehmehr said, “Currently, the country's oil production capacity is 3.8 million barrels per day and will reach 4 million barrels per day by the end of this calendar year (to March 20, 2023).”

Regarding Iran's oil markets, he said: “The country's oil exports have improved compared to previous months, however, intensive negotiations for market development with old and new customers continue.”