TEHRAN – The National Iranian South Oil Company (NISOC) has managed to realize 65 percent of its target for increasing and maintaining oil production in the oil fields under the company’s supervision in the previous Iranian calendar year (ended on March 19), an official with the company said.

“Last year, with the launch of 25 development and workover wells with a capacity of 35,000 barrels per day, 65 percent of the commitment of the company for maintenance and production increase was realized,” Ebrahim Piramoun said.

Back in September 2023, NISOC Head Alireza Daneshi said his company was planning to raise the output of the oil fields under its supervision to 3.27 million barrels per day in the next five years, Shana reported.

Speaking in a press conference, Daneshi said the company also plans to develop its 16 gas storages in order to ensure a stable supply of feed to the region’s petrochemical complexes.

The official had earlier said that his company’s five subsidiaries are currently operating in an area of 400,000 square kilometers in seven different provinces.

Daneshi said his company is going to work on a total of 802 oil wells, including 254 development wells and 546 operational wells to reach the above-mentioned output within the next five years.

The official also mentioned the collection of associated gases (flare gases) as one of the important priorities of his company and said: “Nearly 80 percent of associated gases are currently being collected in provinces under the supervision of the NISOC and 20 percent is being wasted for which new projects have been defined.”

The National Iranian South Oilfields Company is a government-owned corporation under the direction of Iran’s Oil Ministry, and operates as a subsidiary of National Iranian Oil Company (NIOC).

EF/MA