NIOC to top up crude output by 8%

News ID: 3985748 -
TEHRAN, May 22 (MNA) – National Iranian Oil Company (NIOC) will have increased its crude oil and gas production by 8 and 17 percent when the present Iranian year ends (March 20, 2018).

NIOC Board of Directors have approved of the ongoing year’s production and distribution program under which production of oil, rich gas, gas condensate and naphtha will all increase.

According to the program, National Iranian Oil Company, in cooperation with its subsidiaries, will lift output levels of crude oil by 17 percent, rich gas by 17 percent as well as liquids and condensate and naphtha by 29 percent before the current Iranian calendar year wraps up. It is also expected that natural gas and water injection into oil fields rise by 50 and over 38 percent respectively.

One significant component of the project pertains to increased production of crude oil in West Karun (South and North Azadegan, Yadavaran, South and North Yaran), Azar and South Pars Oil Layer. Maximum output at these oilfields will be made possible by completion of processing and transporting units.

Additionally, in line with raising gas production and achieving greater benefits resulting from extraction of gaseous products from joint fields, NIOC will follow up completion of South Pars Phases 19, 20 and 21 as well as implementation of Phases 13, 14, 22, 23 and 24 in the ongoing year as top priorities in a bid to top up rich gas production from South Pars joint filed by more than 15 percent.

The program has been developed in compliance with the principle of protecting reservoirs, increasing ultimate recovery, preventing burning of associate gas and avoiding pollution of the environment. Naturally, implementation is subject to requirements such as providing adequate and timely credit, timely supply of goods, machinery and equipment, supply of natural gas required for injection as well as having necessary permits from the National Iranian oil Company's Board of Directors.

HA/3985592

Comment

5 + 7 =