NIOC Oil and Gas Exploration
Exploration operation is a basic and essential activity in National Iranian Oil Company (NIOC).
In the Iranian year ending late March 2008, NIOC carried out the drilling operations of 7 wells and testing 6 exploratory wells, and started drilling 5 new exploratory wells using 6.64 drilling rigs.
The overall expected + producible in place reserves was 2,841 million barrels of crude oil, 898 million barrels of NGL and condensates, and 1,045 billion cubic meters of dry gas. This amount was explored in the year ending late March 2008.
A comparison of exploration with production of hydrocarbon from 21 March 2007 to 21 March 2008
The total amount of hydrocarbon production (oil, NGL, gas, and condensates) was 2,809.24 million barrels
The total amount of explored producible hydrocarbon (oil, NGL, gas, and condensates) was 5,553.3 million barrels
The ratio of exploration to production was 1/98
NIOC Oil & Gas Production
National Iranian Oil Company (NIOC)has successfully increased its production capacity of crude oil to 4.335 million barrels per day from March 2007 to March 2008, compared with 4.275 million barrels per day in the same period last year. This was achieved by implementation of development projects of offshore and onshore oilfields through buyback or its natural resources.
6.1. Production of crude oil and NGL was 4.093 million barrels per day from March 2007 to March 2008, of which 17.6 percent was from offshore oilfields and 82.4 percent was from offshore.
6.2 Average production of natural gas from March 2007 to March 2008 was 505.8 million cubic meters per day, having increased by 9 percent compared with the last year, which was 464/2 million cubic meters. Additionally, the average production of gas condensates reached 409.9 thousand barrels per day, having increased 6.9 percent in comparison with last year, which was 383.4 thousand barrels.
6.3. 53 percent of hydrocarbons production from March 2007 to March 2008 was in the form of liquid hydrocarbon and 43.7 percent was in form of natural gas, which shows a 4.7 percent increase in gas proportion in production of hydrocarbons in comparison with the last year.