Iran Hits 10-Year Gas Storage Record High

The managing director of the National Iranian Oil Company (NIOC) said gas storage in the first eight months of the current Iranian calendar year (21 March - 21 November) broke the country’s 10-year record.

Mohsen Khojasteh-Mehr added around 3 billion cubic meters (Bcm) of gas have been stored in Sarajeh and Shourijeh facilities during the period. The NIOC's chief continued the stored volume will be injected into the national grid in the upcoming winter.

The official noted that achieving this record is a sign of proper management of consumption compared to the past, expressing hope that with the continuation of the current trend, part of the problems related to the shortage of gas in winter will be resolved.

Pointing to the recent meeting between President Ebrahim Raisi and the Oil Ministry officials, Khojasteh-Mehr added NIOC’s plan for conducting studies and doing drilling operations in some fields were discussed and the company was assigned to conduct feasibility studies for developing the fields and storing gas in the near future.

Oil output, economic growth up

All oil and gas production projects implemented under the 13th administration were aimed at increasing the country’s revenues and economic growth, the NIOC's CEO underlined.

Based on the statistics released by the Central Bank of Iran (CBI), the oil and gas industry’s growth in spring 2023 stood at 19.5%, the highest figure so far. The country’s oil output has jumped by some 1.3 million barrels per day (bpd) since the current administration took office, showing a 60% increase, he continued.

The development projects of joint fields have contributed to the hike in domestic production, said Khojasteh-Mehr, explaining 60 new wells in South Azadegan field have become operational, and the number of drilling rigs in shared fields have witnessed a 70% increase.

NIOC has given top priority to the development of joint fields, said the official, concluding the company’s exports and collection of debts have also increased the country’s revenues. - Shana, Tehran Times