ICOFC Planning Higher Output

ICOFC Planning Higher Output ICOFC Planning Higher Output

The Iranian Central Oil Fields Company (ICOFC) expects its oil and gas production to increase by 75 million barrels and 95 billion cubic meters, respectively, in the next Iranian year (starts March 21).

To reach that goal, a total of 22 new wells need to be drilled and 10 well workovers performed. Well workovers, or interventions, are performed by inserting tools in wellbores to conduct maintenance or remedial action on an existing production well for the purpose of restoring, prolonging or enhancing the production of hydrocarbons.

In a meeting to assess the productivity in ICOFC subsidiary companies, it was proposed that the number of drilling rigs could be reduced from the current 16 to 12, a measure which should help save the ICOFC 100 million euro in costs.

Iran's central areas are highly rich in oil and gas resources. According to official statistics, there are 45 gas, 24 oil, and 2 oil-and-gas fields in these areas, holding an estimated 8.5 billion barrels of oil and 18 trillion cubic meters of gas.

ICOFC managing director, Salbali Karimi, said in the company's new plan, it is estimated that production will rise to 400 million cubic meters of gas and 400,000 barrels of crude oil per day.

The ICOFC, established in 1999, is one of the five major subsidiaries of the National Iranian Oil Company (NIOC).