Baku, Azerbaijan, September 11
By Khalid Kazimov -- Trend:
Right now the average extraction rate at Iran's oil wells is 24 percent, which needs improvement, Director of Iranian Oil Industry Research Center for Reserves and Fields Expansion Mohammad Keramati said.
He pointed out that the global extraction average is 35 percent IRIB news agency reported Sept. 11.
Moreover, countries such as Saudi Arabia, Norway, and Kazakhstan are trying to boost the number to 70 percent, he stated.
"Of the 650 billion barrels of known oil in Iran, only 156 billion is extractable with the existing technology, meaning that the other 490 billion is out of our reach," Keramati said.
He stated that Iran needs to seek expertise from foreign universities in order to improve the extraction capability.
He further said that the Oil Ministry is currently at work with Iranian universities to help improve its ability to extract oil.
The Austrian Montana University and Iran's University of Oil Industry are going to focus on improving oil output from the Gachsaran oil field in the Iranian Markazi Province, a Sept. 9 report said.
Iran is going to hold an international conference on improving oil and gas extraction ability in late September.
Iran owns 18.2 percent and 9.2 percent of the world's known extractable gas and oil reserves, making the country the owner of the largest hydrocarbon reserve.
Edited by CN