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Iran says had no problem in selling offshore oil

Business Materials 18 September 2015 16:22 (UTC +04:00)

Tehran, Iran, Sept. 18

By Mehdi Sepahvand -- Trend:

Iranian Offshore Oil Company CEO Said Hafezi said that despite sanctions, the company has had no problem is selling the oil it produced.

"There is a customer for any barrel of oil that we produce," he said.

Speaking on the occasion of the 35th anniversary of the company, he pointed out that six out of eight grades of oil produced in Iran belong to his company, the oil ministry's SHANA news agency reported Sept. 18.

He added that despite some challenges such as the fact that 40 to 70 percent of the extraction of wells is water the company's recovery percentage is 3.4 in a year, which is a high record.

"Our IOR is 38 percent, that is, 62 percent of the oil is produced naturally, and the other 38 is added by machines," he said.

In early 2015, Hafezi said that the company has the opportunity to attract $20 billion worth of investment for its projects in the current Iranian fiscal year (to end March 20, 2016). He added that IOOC would hold two tenders on repairing 40 old wells and drilling 15 new ones in the EPDF format.

Decline in investments has led to delay and halt in the development projects of the oil industry.

Holding 157 billion barrels of recoverable crude oil reserves, Iran possesses the world's fourth largest reserves of crude oil.

Edited by CN

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