‘Plan for development of Iran’s southern oil fields underway’

December 11, 2019 - 14:25

TEHRAN – National Iranian South Oil Company (NISOC) has started implementing a program for maintaining and enhancing oil production in 28 reserves operated by the company, ISNA reported on Wednesday, quoting NISOC managing director as saying.

“The program which is comprised of 27 investment packages for oil production maintenance and enhancement in the 28 reserves NISOC operates will be completed within 24-30 months,” Ahmad Mohammadi said.

He emphasized the maintenance and enhancement of production in the said oil fields, as well as employment, promoting domestic production and social responsibility as the most important goals of the implementation of this important national program.

“About 70 percent of the program is implemented in Khuzestan province [southwestern Iran] and 30 percent in other neighboring provinces in the vicinity of the National Iranian South Oil Company’s territory,” he said.

According to the official, in the preparation and implementation of this program, promoting domestic production through the use of the domestic workforce, domestic technology, and Iran-made equipment has been a priority for NISOC.

Earlier in August, NISOC finalized three new development packages worth 39 trillion rials (about $928.5 million) for maintaining and developing southern oil reservoirs.
According to NISOC Director of Technical Affairs Sadeq Fatholahi, the Iranian Oil Ministry has prepared 34 development packages for the country’s oil reservoirs, 27 of which worth $4.3 billion are aimed for southern regions.

The reservoir engineer noted that of the total 27 development packages considered for the southern regions, six projects worth 44 trillion rials (nearly $1.1 billion) were being carried out by Iranian companies.

“Developing the region’s 28 reservoirs will add 250,000 barrels of new capacity to the region’s oil output while the same amount [250,000 barrels] is also saved through preventing production decline and enhancing recovery rate,” Fatholahi said.

EF/MA

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