Iran boasts drilling 21 new oil, gas wells in last two months

The National Iranian Drilling Company (NIDC) drilled and improved 21 offshore and onshore oil and gas wells in the country, during the first two months of the current Iranian year (March 21, 2022 through May 20, 2023), Deputy Director of the NIDC, Masoud Afshar said, Azernews reports referring to the Shana News Agency.

According to Afshar, of the drilled wells, 2 were development wells and 19 were repair wells.

The deputy director said that 19 wells were drilled in the territory of the National Iranian South Oil Company (NISOC) and one well - in the territory of the Iranian Petroleum Engineering and Development Company (PEDEC).

"Meanwhile, the remaining one well was drilled as a part of the projects of the National Iranian Oil Company (NIOC)," he added.

Afshar also noted that in total, 14,129 meters of excavations were carried out in Iran within the mentioned period.

There are currently 74 oil and 22 gas fields in Iran. So, 37 oil fields are operating in the territory of the National Iranian South Oil Company (NISOC), 14 fields – Iranian Central Oil Fields Company (ICOFC), 5 fields – Arvandan Oil and Gas Company (AOGC), and 18 oil fields – Iranian Offshore Oil Company (IOOC).

In addition, 5 gas fields are operating in the territory of the NISOC, 13 fields – the ICOFC, 1 field – Pars Oil and Gas Company (POGC), and 3 gas fields – the IOOC.

Iran’s total hydrocarbon reserves are estimated at 1.2 trillion barrels. With available technology and equipment, Iran can extract 340 billion barrels. Thus, 30 percent of the country's hydrocarbon reserves are recoverable, while 70 percent remain underground.