ICOFC boosting oil and gas production

Iran’s Central Oil Fields Company (ICOFC) has decided to raise its oil and gas production in the next Iranian calendar year, as of March 21, by 95 bcm and 75 million barrels respectively.

Iran’s Central Oil Fields Company (ICOFC) has decided to raise its oil and gas production in the next Iranian calendar year, as of March 21, by 95 bcm and 75 million barrels respectively.

TEHRAN March 14(Shana)–Iran’s Central Oil Fields Company (ICOFC) has decided to raise its oil and gas production in the next Iranian calendar year, as of March 21, by 95 bcm and 75 million barrels respectively.

A report released by the public relations department of ICOFC shows that to this end, the company plans the drilling of 22 new wells and 10 make-over oil and gas wells mainly in shared fields.

In another development, the company will lower the number of drilling rigs from 16 to 12 which enable the company to save more than 100 million euros next year.

Iranian Central Oil Fields Company, established in 1999, is one of the five major production companies of NIOC. It is responsible for production of gas and oil through 68 reservoirs including 43 gas fields and 25 oilfields among which 9 oilfields and 14 gas fields are producing oil and gas and by the end of the 20 year outlook plan it will have reached 89 fields in 19 provinces.