TEHRAN - Head of National Iranian South Oil Company (NISOC) Alireza Daneshi has said his company is planning to raise the output of the oil fields under its supervision to 3.27 million barrels per day (bpd) in the next five years, Shana reported.

Speaking in a press conference on the occasion of Government Week (August 24-30), 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.

“By forming intellectual and research circles, the NISOC is trying to expand the downstream products even more by promoting first-time productions and technological plans,” the official said.

According to the official, the NISOC is responsible for supplying the feed for all the country's refineries and the petrochemical complexes in the Imam Khomeini Port complex and also accounts for 75 percent of the country's oil exports.

He further noted that the company is going to put into operation 77 new projects by the end of the current Iranian calendar year (late March 2024), adding that 17 projects have also gone operational since the beginning of the year so far.

Daneshi also mentioned the collection of associated gases (flare gases) as one of the important priorities of the 13th government 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 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 under-development wells and 546 operational wells to reach the above-mentioned output within the next five years.

EF/MA