Monday, 2 January 2017

Persian Gulf crude output to rise by 60k bpd

In Oil & Companies News 30/12/2016

NISOC managing director said plans were made to increase oil output in Persian Gulf by 30 to 60 thousand barrels per day (bpd) in the coming year.
National Iranian South Oil Company (NISOC), founded in 1980 with the primary aim of managing oilfields located in the Persian Gulf, is considered as one of the largest offshore oil producing firms for conducting oil-related activities in 1,200 kilometers of Persian Gulf waters.
Persian Gulf oil fields contain about 100 billion Oil in place (OIP) in addition to 180 trillion cubic feet of gas storage.
Managing Director of National Iranian South Oil Company (NISOC) Hamid Bord pointed to progress made in developmental activities in some oilfields like Salman and Forouzan as well as the capacity to boost production in Doroud and Abouzar fields saying “necessary procedures to maintain output levels are pursued as an integral part of the company’s agenda.”
Bord further emphasized the need to reconstruct and renew old facilities in line with maintaining production levels in NISOC and called for relevant financing.
“By taking up an approach towards transparency and simplification of processes as well as increasing organizational efficiency, we are looking to inject new thinking in the company,” highlighted the official stressing that various investment strategies will be adopted in a bid to fulfill the company’s objectives.


Source: MNA