ICOFC Oil, Gas Production Surges

ICOFC Oil, Gas Production SurgesICOFC Oil, Gas Production Surges

The Iranian Central Oil Fields Company's gas production has increased by 103% in the last Iranian year (ended March 20) compared with the previous year, having produced approximately 1 billion cubic meters of gas in addition to its mandatory production volume, managing director of ICOFC said at the company's annual general meeting.

Surplus oil production also stood at 101%, ILNA quoted Salb-Ali  Karimi as saying while submitting the company's annual report.

Efficiency of drilling operations increased by 84% last year, mainly due to a revision of drilling procedures, a 30% reduction in delays caused by drilling rigs, 10% increase in the scope of drilling operations, rising use of experts and advisors, and preparation of a comprehensive drilling draft, in which joint oil and gas fields enjoy priority.

ICOFC expects its oil and gas production to increase by 75 million barrels and 95 billion cubic meters, respectively, in the current year. "In the company's new plan, production is estimated to rise to 400 million cubic meters of gas and 400,000 barrels of crude oil per day," Karimi said earlier.

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

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