Monday, September 26, 2022

Iran says ready to raise post-sanctions oil output

Iran has made the necessary preparations for raising crude oil output after international sanctions are lifted later this month, a senior official says.

A deputy head of National Iranian South Oil Company (NISOC) said all Iranian oil fields have been evaluated in terms of readiness for enhancing output.

“The results [of the assessment] indicate correct planning for readiness to raise output according to plans as soon as the sanctions are lifted,” Saeed Kouti, NISOC deputy chief for production affairs, said.

The international sanctions against the Islamic Republic are expected to be lifted later this month as Iran’s historic nuclear agreement with six world powers, reached last July, takes effect.

NISOC, which operates most oil fields in Iran, is a main supplier of crude in Iran.

“There is nothing to worry about with regards to [production hike],” Kouti said.

He noted that all weak and strong points regarding planned oil production have been identified and “all systems are ready to make contribution” to the planned oil production hike.

Iran is expected to add 500,000 b/d to its oil exports after the sanctions are lifted. It will continue to raise exports to 1 mb/d six months after.

Iran exported 2.3 mb/d-2.5 mb/d of oil before US and European sanctions targeting its energy sector cut the sales by half in 2012. Saudi Arabia, Russia and Iraq ramped up production to replace the Iranian oil.

Iranian officials have urged member states of the Organization of the Petroleum Exporting Countries (OPEC) to make room for Iranian oil when the country returns to the pre-sanction export levels.

North Yaran oil field as well as South Yaran, Yadavaran, South Azadegan, and North Azadegan oil fields, are five major fields that are located in Iran’s southwestern province of Khuzestan close to border with Iraq and are shared with Iran’s western neighbor. These fields are all run by NISOC.

North Yaran oil field is located approximately 130 kilometers west of the provincial capital city of Ahvaz. When the first phase of the field’s development is completely finished, it will produce 30,000 b/d of crude oil with an API between 16 and 18.


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