16:27 - 30.08.2024

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August 30, Fineko/abc.az. The National Iranian South Oil Company (NISOC) has managed to fulfill 65% of its target for increasing and maintaining oil production at oil fields.

ABC.AZ reports, citing the company representative, that back in September 2023, NISOC head Alireza Daneshi stated that his company planned to increase production at oil fields under its control to 3.27 million barrels per day over the next five years.

Speaking at a press conference, Alireza Daneshi said that the company also plans to develop its 16 gas storage facilities to ensure stable raw material supplies for the region's petrochemical complexes.

"Almost 80% of associated petroleum gas is currently collected in provinces under NISOC supervision, while 20% is wasted, for which new projects have been identified," the official said.

The National Iranian South Oilfields Company is a state corporation under the direction of the Iranian Ministry of Oil and operates as a subsidiary of the National Iranian Oil Company (NIOC).