Iran plans to increase oil recovery rate to 40% in 30 years
Baku, Azerbaijan, Jan. 10
By Emil Ilgar – Trend:
Iran plans to increase the oil recovery rate of the reserves from the current 26 percent to 40 percent in 30 years, Gholamreza Manouchehri, deputy director for development and engineering affairs at the National Iranian Oil Company (NIOC), said Jan. 10.
He added that given the 800 billion barrels of in-situ crude oil (and gas condensate) reserves, each percent of recovery rate growth means extraction of more than 8 billion barrels of oil per day, Mehr News Agency reported.
Based on the current recovery rate, Iran’s proven extractable crude oil reserves stand at 159 billion barrels.
Manouchehri said that Iran needs $200 billion for its oil and gas projects by 2021, of which 70 percent can be attracted from domestic financial reserves.
He also said that the current oil production level stands at 3.9-4 million barrels per day.