Director of the Iranian Offshore Oil Company (IOOC) Saeid Hafezi described the plans to increase crude production capacity in the Persian Gulf stating “during the sanction years, the least amount of obligatory decline in production was applied to the Persian Gulf oil fields.”
“In the current situation and in view of the policy to increase crude production pursued by the National Iranian Oil Company (NIOC), about 40 thousand barrels will be added to the production capacity of Abuzar Oil Field,” he noted.
The official stressed that in addition to the implementation of plans to escalate production, refreshment of some oil wells in the Persian Gulf remains as a second scenario to this end.
Hafezi emphasized that overhaul of 48 oil wells has been put on the agenda estimating the project would add a total of 50 thousand barrels to the country’s oil production capacity in the Persian Gulf.
Recalling that the most level of increased production has taken place in the shared fields of the Persian Gulf, Hafezi maintained “at the present time, an average of 100 thousand barrels of crude oil is being extracted from joint fields with countries like the UAE and Saudi Arabia.”
He deemed the high rate crude oil water content as the most important challenge faced by increased production in the Persian Gulf oilfields; “for every 100 barrels, a total of 40 barrels of sediment and water content are produced which marks the highest rate among oil companies operating in Iran.”
IOOC managing director confirmed that “the project to inject 120 thousand barrels of water to oil fields in Siri region is underway as an operational scenario to maintain crude oil production.”
“In addition to water injection, taking advantage of down-hole pumps as well as repairing and drilling of wells would compensate for the natural decline in production,” he continued.
Hafezi concluded his remarks by stating that Iran sought to maximize crude oil production from the shared fields in the Persian Gulf as the top priority in the post sanction era.