9 May 2024 - 15:43
  • News ID: 641229
Crude Extraction of Iran Up by 70% in 2.5 Years: NIOC

SHANA (Tehran) - Iran’s crude oil production has increased by 70 percent in about 2.5 years in the 13th Administration which took office in August 2021, announced Mohsen Khojastehmehr, the CEO of the National Iranian Oil Company (NIOC) on Thursday.

Speaking in a press conference on the sidelines of the 28th Iran International Oil, Gas, ‎Refining and ‎Petrochemical Exhibition (Iran Oil Show 2024), he said during the incumbent government, a fourfold rise was set in the number of contracts signed on oil investment.

Emphasizing that the upstream sector of the oil industry has the task of generating income, the deputy petroleum minister added that Iran earned a sum of $35 billion of petrodollars from the exports of oil and gas condensates last [Iranian] year.

Elsewhere in his remarks he said that a pressure boosting project, which started last Iranian year, requires an investment of $20 billion dollars as its implementation will fetch $900 billion in income and 90 trillion cubic feet of gas for the country.

Eligible companies that we have chosen for the project should work in the field of geophysical and geotechnical studies, turbo-compressor manufacturing, and pressure boosting platforms.

The official noted that a few days ago, his company signed a contract with petrochemical companies for 20 gas tanks worth $7 billion, explaining that the NIOC cooperates with petrochemical complexes and refineries, and supports them in providing feed and export issues.

Inauguration of 30 Projects

This year, 30 projects worth $8 billion will be operational, and the operation of 19 projects worth $11.5 billion will also begin by March 20, 2025, the official announced.

Last year, the NIOC signed a $13-billion contract for the development of oilfields, of which$ 12.5 billion pertained to two joint fields, Khojastehmehr stated, adding that Iran has 400 oil and gas reservoirs, as the country’s total oil and gas reserves are equivalent to 340 billion barrels of crude oil.

A total of 700 low-yielding wells have been handed over to new technology-based firms (NTBFs) and technological companies because the private sector can help the entire upstream chain of the oil industry.

News ID 641229


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