The National Iranian South Oil Company (NISOC) annonuced that it targets boosting its oil production in a plan that it described as the most targeted plan of production enhancement over the past 20 years, according to a press release.
According to CEO of the National Iranian South Oil Company (NISOC) Ahmad Mohammadi, NISOC is operating reservoirs of roughly 351 billion barrels of proven crude oil, which, considering the average recovery rate of 28% is about 100 billion barrels of recoverable oil.
Mohammadi also said: “Increasing oil production capacity is on the agenda of this company, which is the most targeted plan on production enhancement over the past 20 years.”
“Depending on these capacities, a heavy and perhaps bold plan to increase the production of this company has been formulated, so that in the first step, achieving production levels prior to the sanctions and then a re-increase of this amount of production is considered.” said Mohammadi.
He continued saying “In this plan, construction of 13 more prefabricated units in the field of salt oil processing is foreseen. According to the decision of the Ministry of Petroleum and the National Iranian Oil Company, the power of technology companies in the form of innovation and technology parks of the oil industry can be used for units with a capacity of less than 25,000 barrels.”