TEHRAN- Iranian Central Oil Fields Company (ICOFC) is implementing a major zero-flare project, based on which the company will recover 1.5 million cubic feet (mcf) of flare gases per day based on a four-year plan by the end of the Iranian calendar year 1404 (March 2026), the managing director of the company announced.

Making the remarks in a press conference held on the sidelines of the 26th International Oil, Gas, Refining and Petrochemical Exhibition of Iran (Iran Oil Show 2022) on Monday, Mehdi Heidari said that flare gas recovery is one of the projects that his company is seriously following up.

“We have defined several projects in this due, and some capable domestic companies have taken the projects through tenders”, he added.

The official also announced that according to the mentioned plan, the ICOFC will add 100 million cubic meters (mcm) to its gas production, and 80,000-100,000 million barrels to its oil output per day.

The company produced 70 billion cubic meters (bcm) of gas, 20 million barrels of oil, and 16 million barrels of gas condensate in the previous Iranian calendar year (ended on March 20), he added.

The official further said that in line with the policies of National Iranian Oil Company (NIOC), ICOFC has preserving the production level through reducing the time of overhaul operation on the agenda.

By reducing the overhaul time, more time can be spent for production and supply, he stated.

He added that pressure boosting stations to prevent from pressure drops are also paid special attention in this due.

The official further underlined that his company is moving from being a just production company toward a production-development one.

He also mentioned the motto of the present Iranian calendar year, which is “Knowledge-Based and Job-Creating Production”, and said that to materialize this motto, the R&D Department of the company has close cooperation with the knowledge-based companies and hold continuous meetings with them and with the producing companies, during which the lists of required items, to be produced domestically, are offered and discusses.

It should be also mentioned that Iranian Central Oil Fields Company and Oil and Gas Industry Innovation and Technology Park signed a cooperation memorandum of understanding at the end of the Monday press conference.

Heidari also highlighted the role of his company in terms of gas storage in the country, and said that ICOFC’s performance in the strategic projects of Sarajeh and Shourijeh has been honorable.

Iran has two major natural gas storage facilities in Sarajeh and Shourijeh, in which every year the National Iranian Gas Company (NIGC) stores the gas received from gas refineries all over the country to be used in the colder months of the year.

Elsewhere in his remarks, the managing director of ICOFC mentioned attracting investors as the main purpose of his company to attend Iran Oil Show and said that ICOFC offers attractive models of investment making.

Iranian Central Oil Fields Company is one of the five oil and gas producing companies and the second producer of gas in Iran.

The company is developing offshore fields in Lorestan, Kordestan, Kermanshah, Markazi, Qom, Ilam, Khorasan, East Azarbaijan, West Azarbaijan, Ardebil, Fars, Bushehr, Hormozgan, and Chaharmahal-Bakhtiari provinces.