An official with Petroleum Engineering and Development Company (PEDEC), which is a subsidiary of the National Iranian Oil Company (NIOC), said last year’s output of three oil fields in the country’s west had generated 200 million dollars in revenue after successfully meeting their annual production commitments and exceeding the planned ceiling.“Based on the approved plan and budget of the Joint Management Committee (JMC), the contractor was obligated to achieve a certain amount of cumulative crude oil production from these fields within the 12-month period of the year 2024,” said Majid Najarian, executive director of the development program of Cheshmekhosh, Dalpari and Paydar-e-Shargh oil fields.“With the continuous efforts of the operational teams and the effective cooperation of all project factors, this goal was achieved ahead of schedule at the end of the eleventh month of 2024 (December 2024),” he added. “In the twelfth month, the production amount exceeded the contractual obligations and nearly 3 million barrels more than the determined commitments were recorded.”Najarian underlined that the stated amount of surplus production had generated over $200 million in revenue for the project through the sale of oil beyond annual commitments, which would have a significant impact on improving the project’s economics.“In 2025, achieving a production record exceeding contractual commitments is also on the agenda, and we hope that with this trend, while compensating for some of the temporary reductions in the initial years, we will bring the cumulative production of the project at the end of the 10-year period to a level beyond the mandated target,” he said.“Given the upward trend in production and planning, it is predicted that this project will achieve beyond the defined goals within its contract prospect.”The development plan for the Cheshmehkhosh oil field is in the Dehloran region, Ilam Province. The Dalpari and Paydar-e-Shargh oil fields are also located 30 kilometers from the central processing unit of the Cheshmehkhosh oil field.Iran’s petroleum industry is over a century old, but its four-decade achievements have proven outstanding. Iran’s recoverable liquid hydrocarbon reserves amounted to 88 billion barrels before the 1979 Islamic Revolution, which has increased to 340 billion boe thanks to cutting-edge technology.Iran has proven its achievements in the crude oil, gas, petrochemical, refining, and distribution sectors. Some breakthroughs include the operation of the massive South Pars gas field, the giant Yadavaran oil field, and the Bandar Abbas Gas Condensate Refinery.Furthermore, 65 oil and gas fields have been discovered since the 1979 Islamic Revolution, bringing recoverable oil and condensate reserves to 160 billion barrels and recoverable natural gas reserves to 33 tcm. Eight-fold gas production is also an achievement in the E&P sector in the aftermath of the Islamic Revolution.South Pars is one of the largest gas reserves in the world, with the massive Azadegan and Yadavaran oil fields being among the key exploration achievements following the Islamic Revolution. The rate of success in exploration in Iran has reached 100%. (ICE TEHERAN)

Fonte notizia: IRAN DAILY