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Iran implementing multiple projects in oil sector

Oil&Gas Materials 15 December 2020 18:14 (UTC +04:00)
Iran implementing multiple projects in oil sector

BAKU, Azerbaijan, Dec. 15

By Elnur Baghishov – Trend:

As many as 20 research projects have been approved to be implemented for the development of technology in connection with drilling in the oil sector of Iran since the beginning of the current Iranian year (March 20, 2020), an official of National Iranian Oil Company Ali Reza Mighani Nejad said, Trend reports citing the company’s website.

According to the official, 530 billion rials (about $12.6 million) and 6 million euro is estimated to be spent on these projects.

Mighani Nejad added that 15 of these projects have already been assigned to executive universities.

“The contracts were signed with 5 universities in Iran (Shahrood University of Technology, Shahid Beheshti University, Shahid Chamran University of Ahvaz, Ferdowsi University Mashhad, Kharazmi University) for the implementation of 40 projects worth 970 billion rials (about $23 million) and 14 million euro in the last Iranian year (from March 21, 2019, to March 20, 2020),” he said.

Mighani Nejad noted the researches will be conducted on techniques used in exploration operations, new drilling techniques in discovered wells, and so on.

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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