ICOFC to boost gas production in winter

Managing director of the Iranian Central Oilfields Company (ICOFC) says the company will produce 325 million cubic meters of gas per day in the upcoming winter.

Mehdi Fakour made the remarks in a technical meeting for Iranian oil industry managers on Tuesday, the official website of the Oil Ministry SHANA reported.

Fakour said that ICOFC is the largest gas producer company of Iran, adding that the company produces more than 65 percent of the country’s gas.

He went on to say that ICOFC registered a record by producing 165 thousand barrels of oil on Monday.

Fakour further noted that last year ICOFC cut its output by 50 thousand barrels per day (bpd) to comply with the quota of the Organization of the Petroleum Exporting Countries (OPEC).

He added that the company’s gas condensates produce hit 92 thousand bpd at its peak, expressing hope that the company’s production would reach 120 thousand bpd by 2014.

Meanwhile, demand for Iranian crude oil has increased, Ahmad Qalebani, the managing director of the National Iranian Oil Company (NIOC) said earlier in late-October.

In October, Iranian crude oil production increased by 30 thousand bpd comparing to the month before, standing at 3.66 million bpd.

This comes as crude oil supply by the OPEC has also risen in October because of higher supply from Angola and smaller increases from other members, according to Reuters.

Iran, one of OPEC’s founding members, is among the world’s top three holders of both proven oil and natural gas reserves.

Iran holds the world’s third-largest proven oil reserves and the world’s second-largest natural gas reserves. The continued exploration and production of the offshore South Pars natural gas field in the Persian Gulf is a key part of Iran’s energy sector development plan.

Iran is OPEC’s second-largest producer and exporter after Saudi Arabia, and in 2008 was the fourth-largest exporter of crude oil globally after Saudi Arabia, Russia, and the United Arab Emirates.