Directing Manager of Iran's Central Oil Fields Company (ICOFC) Salbali Karimi said Iran enjoys one of the lowest levels of oil production costs in the world adding “the least expensive crude oil in terms of low cost of production is currently being produced in the central areas of the country.”
“In a number of oil fields, the cost of producing one barrel of crude oil is 1 to 1.5 dollars,” he noted.
The official recalled that despite low production costs, several measures are being taken to optimize the costs of producing oil and gas; “accordingly, it is anticipated that oil and gas production costs will reduce to a minimum once the ongoing projects are implemented.”
