BAKU, Azerbaijan, October 3. Iran is working to boost its oil output from wells that have low or no production, said Ali Barati, deputy director of the National Iranian Oil Company (NIOC), Trend reports.
He made the remark at an event in Tehran dedicated to the signing of contracts for reviving production from five wells in three oil fields.
Barati added that the average production of each well in Iran’s oil fields is 1,550 barrels per day.
He said that the NIOC is collaborating with start-up companies to increase the oil output from wells that are inactive or underperforming, and that some of these wells have already been assigned to start-ups.
Barati also pointed out that it costs more than $1,000 to add one barrel of oil to the production from new oil fields in Iran. However, it is much cheaper to restore or enhance production from existing wells.
The deputy director said that while major oil companies in the world have advanced and special capabilities to increase their oil production, Iran is still at an early stage in this area. He noted that this creates new opportunities for local start-ups to improve the production from wells in Iran’s oil fields.
On October 2, 2023, Iran's Oil Industry Technology and Innovation Park and four local start-up companies signed contracts to restore production from five low-yield oil wells in Tehran.
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 of the Iranian Central Oil Fields Company (ICOFC), 5 fields of the Arvandan Oil and Gas Company (AOGC), and 18 fields of the Iranian Offshore Oil Company (IOOC).
In addition, 5 gas fields are operating in the territory of the NISOC, 13 fields are operated by the ICOFC, 1 field is operated by Pars Oil and Gas Company (POGC), and 3 gas fields are operated by 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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