ICOFC Intends to Boost Gas Condensate Output

EghtesadOnline: The state-owned Iranian Central Oil Fields Company plans to boost gas and gas condensate output in the current fiscal that ends in March 2019, as its subsidiaries have outperformed their targets.

News ID: ۷۸۳۳۷۸

22 July 2018

ICOFC has three subsidiaries, namely West Oil and Gas Production Company, East Oil and Gas Production Company and South Zagros Oil and Gas Production Company. According to SZOGPC's chief executive, Gholamhossein Montazeri, South Zagros produced 20.5 million barrels of gas condensate during the last fiscal year [ended March 20], ILNA reported.

"SZOGPC has also produced over 58 billion cubic meters of natural gas during the period, surpassing its daily production limit by 2.5 million cubic meters. The figure shows a 101% achievement of the goals," he added.

Montazeri noted that SZOGPC produced over 2.1 million barrels of crude oil in the previous fiscal, according to Financial Tribune.

The company has produced close to 1.4 trillion cubic meters of natural gas since its launch in 1999.

Estimates show its reserves hold 3.7 trillion cubic meters of in-place gas, some 2.7 trillion cubic meters of which are deemed recoverable.

SZOGPC operates nine natural gas fields and two oilfields in the central and southern provinces of Fars, Bushehr and Hormozgan. It is also developing Khesht Oilfield in Fars Province, which is slated to become operational early next year. The development of Dey and Sepid Zakhour gas fields in Fars Province is also underway.

EOGPC

According to Ahmad Rajabi, East Oil and Gas Production Company's chief executive, the company produced over 594,000 barrels of gas condensate in the past fiscal and is expecting to hike the amount this year.

"This year's condensate production has stabilized at 3,504 barrels per day, which shows a significant jump compared with the average daily production of last year," he added.

According to the official, EOGPC's total gas output in the last fiscal year stood at 15.28 billion cubic meters, averaging 42 million cubic meters per day.

"The company has enhanced its production capacity to 62 mcm/d by increasing its wells to 62," he said.

Rajabi noted that developing the fields by signing engineering, procurement, construction and finance contracts, and completing overhaul operations are on EOGPC's agenda to maximize the field's production.

WOGPC

The third subsidiary, West Oil and Gas Production Company, has also shown an eye-catching performance in the exploration field.

According to Saeed Nasseripour, WOGPC's chief executive, the company's gas condensate production currently stands at 7,500 barrels per day.

The official noted that his company registered a 118% rise in condensate production last year, but did not elaborate.

Nasseripour said the company is making use of cutting-edge technology, including in the manufacture of pumping equipment, which will significantly help increase extraction rate from oil and gas fields. ICOFC, established in 1999, is one of the major subsidiaries of the National Iranian Oil Company.