Baku, Azerbaijan, Feb. 13
By Emil Ilgar – Trend:
Iranian Offshore Oil Company (IOOC) increased oil recovery rate by 4 percent to 27 percent, Asadollah Qarakhani, a member of the Iranian parliament's energy commission, quoted the managing director of IOOC as saying.
Qarakhani told Shana Feb. 13 that during a meeting with IOOC’s directors, they said the capital and operational expenditures of the company halved due to use of domestic might and potential instead of foreign services.
He also said the oil fields, operated and controlled by the company, have 100 billion barrels of in-situ reserves, of which 16 billion barrels are recoverable thanks to natural pressure in the reserves.
According a document released last week by Parliament, IOOC has boosted water injection to oil fields.
Water injection for secondary recovery has proved to be one of the most economical methods for reservoir pressure management.
IOOC doesn’t inject gas to fields, but it doubled water injection to oil fields to 295.9 million barrels, during a year from March 2014 to March 2015, compared to the previous year.
Iran’s in-situ oil reserves stand at 720 billion barrels with average recovery rate of about 25 percent.