BAKU, Azerbaijan, Apr. 5
By Elnur Baghishov – Trend:
The burning of flare gas in Iran will be reduced to a minimum by the end of the current Iranian year (from March 21, 2021, through March 20, 2022), Iranian Oil Minister Bijan Zanganeh said, Trend reports citing the Shana news agency.
He made the remark in an event dedicated to the signing of contracts on collecting flare gas today on Apr. 5.
The minister emphasized that Iran has big plans to collect flare gas.
Zanganeh added that on Apr. 5, two contracts were signed with Iran's Oil Turbo Compressor Construction Company and Mapna Turbine Engineering and Manufacturing Company under MAPNA Group on the manufacturing of turbo compressors.
“Iran is determined to manufacture the equipment domestically. Thus, the first contracts for the guaranteed purchase of equipment in order to support local manufacturers will be signed soon,” he said.
The minister also noted that Iran attaches great importance to increasing the extraction ratio in the area of oil extraction.
Reportedly, three contracts worth 165 million euros on the collecting of flare gas were signed between the Persian Gulf Bid-Boland Gas Refining Company and three Iranian companies in Iran on Apr. 5.
A number of projects are implemented in Iran for collecting flare gas with oil.
Iran currently has discovered 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.