The latest status of Iranian “Increase the Oil Production and Improve the Recovery Rate ” project

TEHRAN, Iran, Aug.24
Trend:

National Iranian South Oil Company (NISOC) announced the timing of holding tenders to increase oil production and improve the recovery rate projects on several oil reservoirs.

Referring to the Iran plan for implementation of “Increase the Oil Production and Improve the Recovery Rate Projects”, the NISOC CEO says that “the contracts are designed for several oil fields including Ahvaz 2, 3 and 5 fields, Pazannan field, Lali Bangestan field, Bink Khami field, Gachsaran 1 and 2 and 3 fields and Bibi Hakimeh field, Trend reports citing ILNA.

“All contracts are in the tender stage,” NISOC's Ahmad Mohammadi said. “The winners of Bink and Lali Bangestan fields will be determined by mid-September, and other contracts will be given tenders over time.”

He stated that the planned production increase via the recycling plan is 100,000 barrels per day (the total is 280,000 barrels during the period of implementation of the plan ).

"The Iranian oil industry is an international industry," said the CEO of NISOC, referring to the possibility of revising contracts if sanctions are lifted.

“Some reservoirs are high-tech oriented, which means special types of equipment are needed to develop these reservoirs,” he said. “The required technology is not currently available in the country.”

“This is not an Iranian issue, but a global one,” he added.

"We are using advanced methods to maximize the country's capabilities to build the upstream projects," Mohammadi said. "Under the current climate there is a lack of foreign investment in the Iranian oil industry, but we hope that this will encourage domestic contractors to develop further.”