13325
ICOFC Planning Higher Output
Energy

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).

Short URL : http://goo.gl/Ng80Zv

You can also read ...

Russia Says US Sanctions on Iran "Unproductive"
United States' sanctions on Iran's oil industry are...
Oil Coalition Seeks Consensus Ahead of Algiers Summit
With a critical meeting in Algiers fast approaching, a...
China to Cut Solar, Wind Subsidies
China will speed up efforts to ensure its wind and solar power...
Abu Dhabi Planning Biggest Oil  IPO in Decade
Abu Dhabi is pushing ahead with an initial public offering for...
Crude Prises Higher as Supply Concerns Rise
Oil prices rose on Monday as investors worried about the...
Abadan  Refinery  Second Phase  on Track
The second development phase of Abadan Oil Refinery in...
New Power Capacity for Sistan-Baluchestan
Operations to build new combined-cycle power plants in...
ICOFC to Develop  Eight Gas Fields
Iranian Central Oil Fields Company plans to develop eight gas...

Trending

Googleplus