Iran oil minister disapproves of low oil recovery coefficient

Iran Materials 17 January 2012 16:40 (UTC +04:00)

Azerbaijan, Baku, Jan. 17 / Trend F.Milad/

Iranian Oil Minister Rostam Qasemi has criticised the country's low oil recovery coefficient compared to other oil-rich countries, saying that officials should redouble efforts in this regard.

The Fars news agency quoted Mr Qasemi as saying that the oil industry is in need of fundamental reform and that research and technology projects should be launched more frequently than in the past.

He has announced the country's recoverable oil reserves stands at 154.8 billion barrels. The Shana news agency also quoted him as saying that the new explorations have increased the amount from the previous figure of 151 billion barrels.

According to the latest official statistics and statements, Iran holds 550 billion barrels of crude with a 27.29 production coefficient, but some Iranian experts say the figure is nearer 20.

An official with the National Iranian Oil Company has stated that Iran's crude oil reserves will cease by the end of the next 50 years adding that the country's oil output would currently rise by one million barrels per day by 2015.

The Mehr news agency quoted Mohammad-Ali Emadi as saying that according to Iran's fifth five-year development plan (2010-2015), the country's gas production capacity should increase by 250 million cubic metres per day.

The official went on to say that the country's oil deposits are recoverable by 29 per cent on average.