25 January 2023 - 15:56
  • News Code: 468042
NIOC Eyes 0.9mbd Output Growth in 8 Years

TEHRAN (Shana) -- The CEO of the National Iranian Oil Company (NIOC) said plans are under way to bring Iran’s crude oil production capacity to 5.7 million barrels per day in a matter of 8 years.

Addressing a ceremony to sign contracts for reviving low-yield and inactive wells of NIOC on Tuesday, Mohsen Khojastehmehr said many briefing and technical meetings have been held so that the implementation of these projects can be entrusted to the companies with as much power as possible.

He said 700 wells have been selected from among 6,000 wells to be included in the project to enhance the productivity of the wells. “We tried to choose simple wells that would not discourage knowledge-based companies.”

The NIOC CEO stated: “The Economic Council also approved the implementation of the revitalization plan for these wells with a value of $500 million.”

News Code 468042

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