Iran still struggles with decrease of pressure in oilfields
Tehran, Iran, Jan. 28
By Milad Fashtami - Trend:
Decrease of pressure in oil wells has cut the production of Iranian oil fields significantly.
Deputy Oil Minister Seyyed Emad Hosseini said that the output of some wells has even fallen to 60,000 barrels per day from the previous figure of 400,000 barrels, Iran's SHANA News Agency reported Jan. 29.
"The recovery ratio in Iran is just 25 percent," he said, adding that the figure is much more than global standards.
"If the current trend continues, Iran's oil production will fall below one million barrels per day by 2025," he said.
"Iran's in situ oil reserves currently stand at 650 billion barrels," Hosseini said.
"Some 156 billion barrels of the mentioned figure are extractable," he explained.
"We need to use new technologies to extract the remaining 494 billion barrels," the official said.
Iran holds the world's third-largest proven oil reserves and the second-largest natural gas reserves.
Edited by CN