Wednesday, April 17, 2024

Iran’s oil-rich south at highest readiness level to produce crude: Official

The National Iranian South Oil Company (NISOC) says Iran’s oil-rich south is at the highest level of readiness to produce crude.

Alireza Daneshi, the director of NISOC, told Iranian television on Tuesday that production at that capacity would become operational once the sanctions targeting Iran’s oil industry are lifted.

Daneshi said the sale of oil had “significantly reduced” under the previous Iranian administration but the new administration had planned to increase potential capacity to the maximum level and reach the pre-sanctions threshold. He said measures had been taken to prepare for that capacity.

“The country’s oil industry is [now] in a situation that can be swiftly returned to the pre-sanctions level,” he said.

He said the new administration’s measures to bypass sanctions had enabled production at his company to increase by 600,000 barrels a day.

The NISOC director said 750 million dollars had been allocated to the company for the purposes of reconstruction and technology enhancement.

Daneshi also said the oil industry was committed to its social responsibilities toward the environment and had already carried out 110 projects over the past five years to fulfill such obligations. NISOC produces almost 80 percent of Iran’s crude and 16 percent of its gas needs.

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