Iran's oil ministry signs 26 contracts with universities

Oil&Gas Materials 13 November 2019 12:36 (UTC +04:00)
Iran's oil ministry signs 26 contracts with universities

BAKU, Azerbaijan, Nov. 13

By Elnur Baghishov - Trend:

Iran's Oil Ministry has signed 26 major contracts with Iranian universities, Iranian Deputy Oil Minister for Engineering, Research and Technology Affairs Saeed Mohammadzadeh said, Trend reports via IRNA.

Mohammadzadeh noted that five of the signed contracts are on exploration operations.

Implementation of these agreements will increase the potential of oil industry development in Iran, the deputy minister said.

Iran has countless oil and gas reserves and mines, the deputy minister said adding that if these resources are used well, the development can be expanded.

Over the past 40 years, 73 oil and gas fields have been discovered in Iran. Of these, 36 are oil fields and 37 are gas fields. Iran has oil reserves of 240 billion barrels and 126 billion barrels of it can be extracted. Iran currently has 33.3 trillion cubic meters of gas reserves.