2.5 bln Barrels Added to Iran’s Crude Oil, Natural Gas Reserves in 2023: NIOC Chief

The chief executive of the National Iranian Oil Company (NIOC) said about 2.5 billion barrels were added to the country’s natural gas and crude oil reserves in 2023.

News ID: ۸۳۰۱۲۰

11 March 2024

EghtesadOnline: Mohsen Khojastehmehr stated that new oil fields were also discovered by the company in 2023.

Speaking in the signing ceremony of the contracts for the implementation of the gas pressure-boosting plan in the South Pars Gas Field, the deputy oil minister said his company took effective steps in the current Iranian calendar year (started March 21, 2023) in the oil and gas sectors.

Referring to the Arash Gas Field, shared between Iran, Kuwait and Saudi Arabia, he said that Iran’s sovereignty over a part of the field is undeniable.

Earlier, a foreign ministry official said Tehran believes that a fair agreement on the Arash gas field can be reached only by creating a positive and constructive atmosphere and respecting the common rights and interests.

Khojastehmehr further said the NIOC has outlined three methods to retain the production power from the South Pars Gas Field and increase the extraction of gas from the field, adding that the company is going to embark on drilling 35 new oil wells besides the previous oil wells, valued at $1.1 billion.

He also pointed to the continuation of Iran’s gas exports to neighboring Iraq and said a joint working group has been set up to boost the oil cooperation between the two countries as well. / Tasnim