Baku, Azerbaijan, Aug. 20
By Elnur Baghishov - Trend:
Presently, Iran's research institutions and universities, especially the Petroleum University of Technology, are working to increase the recovery rate of oil and gas fields, Deputy Executive Director for Development and Technology at the National Iranian Oil Company Reza Dehgan said.
The recovery rate of Iran's oil and gas fields is in average 25-26 percent and this figure can grow. An increase by one percent can bring Iran $700 billion a year, Dehgan added, Trend reports referring to Mehr news agency.
He said that the National Iranian Oil Company would like foreign companies and investors to take steps to increase the recovery rate of oil and gas fields in accordance with the Iran Petroleum Contracts (IPC) .
Dehgan added that the company must rely on local potential, mainly on oil industry specialists, for the implementation of the corresponding contracts properly.
"The process of water and gas pumping to increase the rehabilitation period in different fields in Iran is not a new process," he noted.
However, such programs should be implemented for obtaining the resources in the second half of lifespan of the projects, Dehgan said.