Iran’s NISOC can increase extraction coefficient

Iran’s NISOC can increase extraction coefficient

BAKU, Azerbaijan, September 22

By Elnur Baghishov – Trend:

As many as 10 research contracts have been signed with Iranian universities related to the increase in oil and gas extraction of the National Iranian South Oil Company (NISOC), Managing Director of the company Ahmad Mohammadi said, Trend reports citing NISOC.

The director stressed that Iranian universities will explore to increase the extraction by more than 60 percent from the fields controlled by the NISOC.

Mohammadi added that six contracts were signed with Iranian universities in 2014, to increase production. The other four agreements were signed past day in connection with the fields in the territory of NISOC.

“Thus, the exploration of the Binak field to the Ferdowsi University of Mashhad, the Masjed Soleyman field to the Sahand University of Technology, the Marun field to the Isfahan University of Technology and the Rag Sefid field to the Research Institute of Petroleum Industry,” he said.

The director noted that the value of these 4 contracts is 2.15 trillion rials (about $51.1 million) and 10 million euros.

According to Mohammadi, while the value of contracts signed in 2014 was 2.5 trillion rials (about $59.5 million) and 3 million euros.

"More than 70 percent of oil and gas fields in the territory of the NISOC are being explored by Iranian universities," he said.

On September 21, thirteen contracts were signed between the National Iranian Oil Company (NIOC) and 12 Iranian universities and a Research Center. The value of the 13 contracts amounts to 35 million euros and 7.16 trillion rials (about $170 million).

National Iranian South Oil Company, a subordinate of National Iranian Oil Company, operates 45 large and small hydrocarbon deposits in an area of 400,000 square kilometers from Iran's Bushehr Province to the north of Khuzestan Province. The company produces about 80 percent of Iran's crude oil and 16 percent of gas. The company reportedly produces about 3 million barrels of oil per day.

Iran has 125 oil fields and 59 gas fields. The country's total hydrocarbon reserves are estimated at 836 billion barrels. With available technology and equipment, Iran can extract 239 billion barrels. Thus, 29 percent of the country's hydrocarbon reserves are recoverable, while 71 percent remain underground.

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