Iran’s Offshore Oil Company’s storage capacity to increase

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The storage capacity of Iran’s Offshore Oil Company, which is located on Siri Island of Hormuzgan province, in southern Iran will increase by 1 million barrels, said Ebrahim Alipour, Executor of the Iranian Offshore Oil Company’s overhaul project on the Siri Island, Trend reports citing the company’s website.
According to Alipour, the overhaul is currently underway and will be completed by the end of the Iranian year (March 21, 2020).
Alipour added that the crude oil storage capacity is currently 3.36 million barrels in the Siri island. With the commissioning of the facility, it will reach 4.3 million barrels.
Company official said that the current cost of storing 1 million barrels of oil is $40,000-50,000 daily. Commissioning of this facility will allow to save on company costs.
In general, Iran has 125 oil fields and 59 gas fields. Iran’s total hydrocarbon reserves are 836 billion barrels. With its technology equipment, it can produce 239 billion barrels.