Azerbaijan , Baku, Feb. 21 / Trend, A.Yusifzade /
The first super heavy oil refinery of the country with completely indigenous technology opened in Khuzestan, Mehr News Agency reported quoting Iranian Deputy oil minister for research and technology Mohammad Reza Moghadam as saying.
"For the first time in the world the technology to process and refine the super heavy oil into light oil is being utilized in Khuzestan Oil refinery," Moqaddam said.
"Oil Ministry has on agenda implementing six research projects with an investment of 560 billion rials ($56 million) in the oil refining sector during the Fifth Development Plan (2011-2016)," Moghadam added.
According to Moqaddam one of the key projects of oil industry by 2015 is prioritizing research projects in refining oil and distributing oil and oil products.
"In fact, the number of research undertakings has decreased to six from 136", Moqaddam said.
It is projected that upon executing and indigenizing these six research projects a momentous development will take place in the local industry of refining crude, he added.
The ministry has prioritized transforming super heavy oil into light oil, Moqaddam said.
Presently, Iran's exploitable oil reserves are estimated at over 150 billion barrels and the volume of exploitable heavy and super heavy crude has reached over 70 billion barrels.
In recent years, with the reduction of light oil reserves of the country, the heavy and super heavy oil reserves have increased.
Currently, many light crude oilfields such as Ahvaz, Maroun, Aqajari, Bibihakimeh, Gachsaran, and Paznan are in the second half of their lives. Increase of production and exploitation costs, annual production drop of 10 percent to 15 percent equivalent to 300,000 barrels of oil per day as well as reduction in the national capacity for production of crude are among problems for development of light oil and old fields of oil industry.
In recent years, the policy of National Iranian Oil Company (NIOC) has been developing heavy and super heavy oilfields such as Azadegan, yadavaran, northern Azadegan, Zagheh, Ferdowsi, Bushehr and Kouh Kaki.
Earlier Iranian minister of petroleum Seyed Masoud Mirkazemi said that Iran now has the largest oil refinery in the Middle East.
According to Mirkazemi, during the Fifth Five Year Development Plan (2011-2016), more than $200 billion would be invested in Iran's oil industry.