Tehran Moves to Accelerate Oil, Gas, and Solar Development Plans

Iran has decided to fast-track projects focused on boosting oil and gas production, capturing associated flare gas, and expanding the number of solar power plants.

In connection with this decision, a meeting was held in Tehran on October 8, attended by Iranian President Masoud Pezeshkian, Oil Minister Mohsen Paknejad, Energy Minister Abbas Aliabadi, and other officials, The Caspian Post reports citing local media.

During the meeting, it was emphasized that the country plans to increase crude oil production by 250,000 barrels per day, capture flare gas, raise pressure at the South Pars gas field, and speed up the implementation of projects for developing solar power plants, as well as address the obstacles ahead.

Under the decision, Iran’s Plan and Budget Organization will provide financial support for the projects and plans that enable production growth. Following the presentation of project justifications, weekly meetings under the leadership of the Iranian president are planned.

Currently, Iran has 74 active oil fields and 22 gas fields. Within the National Iranian South Oil Company’s territory, 37 oil fields are operational; within the National Iranian Central Oil Company’s territory, 14; in the Arvand Oil and Gas Production Company’s area, 5; and in the Offshore Oil Company’s territory, 18 oil fields. Additionally, there are 5 gas fields in the South Oil Company’s territory, 13 in the Central Oil Company, 1 in Pars Oil and Gas Company, and 3 in the Offshore Oil Company’s area.

It should be noted that Iran’s total hydrocarbon reserves amount to 1.2 trillion barrels. With current technological equipment, Iran can extract 340 billion barrels. Approximately 30% of these reserves are currently utilized, while 70% remain untapped underground.