Iran to implement $645M projects to boost oil recovery rate
Baku, Azerbaijan, Aug. 16
By Fatih Karimov – Trend:
The National Iranian South Oil Company (NISOC) plans to implement projects worth $645 million to increase oil recovery rate at its oil fields.
Some 14 projects for construction of gas injection stations are planned to be implemented by the NISOC, SHANA news agency reported Aug. 16.
Once the projects come on stream, the gas injection capacity into oil fields, run by NISOC, will rise by 16.3 million cubic meters per day.
The company injected over 36 million cubic meters of gas into its oil fields during the first three month of current fiscal year (March 20-June 20) in order to increase their recovery rate.
About 80 percent of Iran’s active oil fields are in their second half-life and need 290 million cubic meters per day of gas re-injection to maintain the production level.
Over 150 million cubic meters of gas should be injected on a daily basis to the country’s oil fields according to the Islamic Republic’s Fifth Five-Year Development Plan (2010-2016).
The predicted figure is vital to prevent pressure fall and maintain the output in oil fields.
The NISOC is currently operating 45 small and massive oilfields in Iran’s southern areas.
The company is accountable for production of 80 percent of the country’s oil and 16 percent of its gas output.