BAKU, Azerbaijan, October 24. Iran is expected to sign contracts with 54 start-up companies to increase production from low-yield oil wells, Iran's Oil Minister Javad Owji after a meeting with members of the Iranian Parliament, Trend reports citing Shana News Agency.
The minister noted that the total value of the mentioned contracts will be $500 million.
Owji added that there are currently 700 low-yield oil wells in the country. The country’s start-up companies will increase production from oil wells by using technological methods.
There are currently 74 oil and 22 gas fields in Iran. So, 37 oil fields are operating in the territory of the National Iranian South Oil Company (NISOC), 14 fields – by the Iranian Central Oil Fields Company (ICOFC), 5 fields – by Arvandan Oil and Gas Company (AOGC), and 18 oil fields – Iranian Offshore Oil Company (IOOC).
In addition, 5 gas fields are operating in the territory of the NISOC, 13 fields – the ICOFC, 1 field – Pars Oil and Gas Company (POGC), and 3 gas fields – the IOOC.
Iran’s total hydrocarbon reserves are estimated at 1.2 trillion barrels. With available technology and equipment, Iran can extract 340 billion barrels. Thus, 30 percent of the country's hydrocarbon reserves are recoverable, while 70 percent remain underground.
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