17 May 2024 - 16:23
  • News ID: 641822
NISOC Achieves 60 Percent Growth in Oil Production

SHANA (Tehran) - By relying on domestic capabilities, the National Iranian South Oil Company (NISOC) has succeeded in boosting oil production by 60 percent over the last two years.

The NISOC’s managing director, Alireza Daneshi, made the remarks adding the company’s oil production over the first two months of current Iranian calendar year of 1403, began 20 March 2024, has registered a new astonishing record, without elaborating.

He went on to say that during the tenure of previous administration, Iran’s oil production was in steep decline mainly due to sanctions and the belief that “it is impossible” (without removing sanctions) to develop oil industry, which caused the country’s oil production to fall to the lowest level since the victory of the Islamic Revolution in February 1979.

"But when the 13th administration took office in August 2021, a range of comprehensive efforts was started to boost oil production and exports which mainly focused on repairing wells and oil pipelines as well as taking a new approach to meet the company’s needs to equipment including repair of rotating machineries, the NIOSC’s CEO said.    

“A five-year development plan has been designed that is focused on raising the volume of oil production as well as protecting and safeguarding NISOC’s reservoirs”. Daneshi noted.  

“NISOC plans to pursue the 13th administration approach on benefiting from domestic capabilities and Iranian experts knowledge through connecting with the universities”, Daneshi said, concluding the company has been able to provide 80 percent of its needs to commodities from domestically manufacturing.   

News ID 641822


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