TEHRAN, Iran, Nov.11
Trend:
Announcing a new oilfield discovery in Khuzestan Province, Iranian Oil Minister said that exploration in the Caspian Sea is not a priority for the Ministry of Oil, Trend reports citing IRNA.
“The new oilfield adds 22 billion barrels of oil to Iran's oil reserves,” Bijan Zanganeh told reporters on Nov. 11, following the disclosure of details of the new oil field.
The Iranian minister of oil added that the bargaining power of the world is based on the amount and capacity of oil production, but no one can ignore the country's recoverable reserves.
“World’s Oil Recovery Ratio is increasing due to technology growth,” the minister noted. “Iran is seeking to increase its Oil Recovery Ratio both by upgrading national technology and via international engagement.”
Zanganeh emphasized that the average recovery ratio in different reservoirs varies depending on the status of the reservoir and reservoir rock.
This ratio is up to 60 percent in some oilfields in Iran, while the recovery of reservoirs such as Yadaran and Azadegan should be prioritized.
The oil minister described use of domestic capacity, utilization of advanced technology and use of foreign capital as the best model for developing the oil industry.
During the 40 years after Iran revolution, 73 oil and gas fields have been discovered in the country, including 36 oil fields and 37 gas fields. During this period, 26 common fields have been also discovered.