Production and Reserves

Production

Oil and gas Reserves

Gas injection and Recovery Enhancement

The year 2003 and early 2004, in the period after Islamic Revolution, are considered to be the period with the highest production rate.
Out of this production, 18 percent was from offshore and 82 percent from onshore oil fields. This is the first time in the last 25 years that such a production ceiling has been achieved.
The year 2003 and early 2004, with respect to natural gas production is a significant period. This is due to a 12.6 percent growth compared with 2002 and the daily production rate reached to 378 mmscm/d. It can be also seen that natural gas liquid (NGL) and condensates production, in 2003, has enjoyed a 24 percent growth rate compared with the previous year. The daily production rate which has been recorded in NIOC production fact sheet , amounts to 42.27 thousand cubic meters/day (266 mb/d).

The total amount of the liquid hydrocarbon and gas recoverable reserves in early 2004 is as follows:

Liquid hydrocarbon reserves in early 2004, amounted to 132.74 billion bbls.
Recoverable gas reserves in early 2004, amounted to 27.45 TCM.
Based on crude oil production rate in 2003- 2004 and given that no new exploration is done, according to estimations, Iran will run out of crude oil and gas respectively in 86 and 199 year's time.
According to the latest estimations in early 2004, Iran holds 11.6 percent of the whole oil reserves and 15.6 percent of the whole gas reserves in the world.

It can be seen that, in 2003, gas injection operation compared with the previous year has enjoyed a 7.5% growth rate. In this year, 77.88 mmscm/d gas was injected into onshore oil fields and it played an important role in increasing recovery and extraction efficiency.