Baku, Azerbaijan, May 6
By Umid Niayesh - Trend:
Iran's Research Institute of Petroleum Industry (RIPI) has signed a memorandum of understanding with a German company on producing fuel from residual and ultra heavy oil.
The German company will help Iran to develop its domestic technology on producing fuel from heavy oil, Amir Abbas Hosseini, the RIPI's International and Technology Affairs deputy said, Iranian IRNA news agency reported on May 6.
No further details have been released about the details of the memorandum.
Hosseini went on to say that "while the oil reserves in the Iran's fields are changing from light to heavy, it is necessary for the country to have the technology of producing fuel from ultra-heavy oil."
About 80 percent of Iran's active oil fields are in their second half-life and their productivity decreases by 8-13 percent annually, according to the U.S. Energy Information Administration.
Iran's total oil output hit 2.9 million barrels per day (bpd) in March, about 65,000 bpd more than in February.
By holding 157 billion barrels of recoverable crude oil reserves, Iran possesses the world's fourth largest reserves of crude oil.
Edited by C.N.