Iran can rely on its hydrocarbon resources for 100 years: NIOC
The National Iranian Oil Company (NIOC) has said that production from hydrocarbon resources in the country will continue for the next 100 years.
In a statement issued on Sunday, the NIOC detailed its performance in the calendar year that ended on March 20, saying that Iran’s hydrocarbon resources amount to the equivalent of more than 1.2 trillion barrels of oil, adding that some 340 billion barrels of those resources are available for extraction.
The statement said that Iran can rely on those resources for the next 100 years considering the current extraction rates and technologies.
The NIOC said oil and gas production in Iran had increased to record levels in the last calendar year, adding that the amount of natural gas delivered to the Iranian pipeline grid had reached an all-time high of 870 million cubic meters (mcm) in the past winter.
It said that total gas production in Iran had increased by an average of 36 mcm per day in the second half of the calendar year to late March to reach 1,106 mcm per day.
The company said that gas production from the Iranian side of South Pars, the world’s largest gas field shared with Qatar in the Persian Gulf, had reached 716 mcm per day.
The statement also elaborated on efforts to increase oil production from several oilfields in south and southwest Iran despite sanctions targeting the exports of crude oil from the country.
The NIOC said that Iran’s baseline oil production would increase by 250,000 barrels per day (bpd) to reach 2.189 million bpd in the near future thanks to $3 billion worth of investment provided by the Central Bank of Iran.
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