Zangeneh:
National Wealth Rises $400bn in Oilfields Recovery
TEHRAN (Dispatches) – Iran Petroleum Minister Bijan Zangeneh on Sunday said that $400 billion will be added to Iran’s national wealth by increasing one percent in oilfields recovery coefficient.
He made the remarks in a gathering of knowledge-based companies and startups in oil industry and added, "Accordingly, Iranian oil ministry concluded contracts with universities and academic centers to conduct feasibility studies on oilfields with a focus on increasing oil recovery coefficient.”
Zangeneh put the current oilfields recovery coefficient in the country at below 30 percent and added, "With each one percent growth in oilfield recovery coefficient, more than seven billion barrels of oil will be added to the extractable oil which can bring about $400 billion worth of fund to the national wealth of country.”
He pointed to the key role of knowledge-based companies in economic prosperity of the country and added, "Cooperating and interacting with knowledge-based companies can create a significant change in oil industry.”
The gathering of knowledge-based companies and startups in oil industry kicked off today and will run until Feb. 18.
Zanganeh also said that his country has quintupled its crude extraction from the so-called West Karoun oilfields, which are shared with Iraq, since 2013, adding that production would reach one million barrels per day (bpd) with the provision of the expertise and funds needed for the development of the fields.
Zangeneh said that production at the so-called West Karoun oilfields would reach one million barrels per day (bpd) if Iran secures the expertise and funds needed for the development of the fields.
"The total oil production in West of Karoun should be increased to 1 mln bpd, however, it needs both technology and financial resources,” Zangeneh told reporters.
The minister said current output from West Karoun oilfields showed a five-fold increase compared to 2013 when the current administrative government led by President Hassan Rouhani came to office for a first term.
He did not elaborate on production figures at the fields, which he said were being developed using resources from Iran’s sovereign wealth fund.
Zangeneh’s previous statements on the joint oilfields suggested that current output could be about 300,000 bpd.
Iran has kept developing its sprawling oil and gas fields despite facing a harsh regime of American sanctions which seeks to cut to zero the country’s direct sale of crude and other energy products.
Authorities said in October that oil production at four oilfields shared with Iraq, namely Yadavaran, Azar, Aban and Paydar Qarb, would increase by nearly 60,000 bpd until March 2020 when the current Iranian calendar year comes to an end.
Companies from Iran, Russia and China have been contracted for development of the various parts of the joint oilfields.
Those efforts come as Iraq is seeking to double its output from Majnoon oilfield, which is linked to Azadegan, to nearly half a million bpd in 2021.
He made the remarks in a gathering of knowledge-based companies and startups in oil industry and added, "Accordingly, Iranian oil ministry concluded contracts with universities and academic centers to conduct feasibility studies on oilfields with a focus on increasing oil recovery coefficient.”
Zangeneh put the current oilfields recovery coefficient in the country at below 30 percent and added, "With each one percent growth in oilfield recovery coefficient, more than seven billion barrels of oil will be added to the extractable oil which can bring about $400 billion worth of fund to the national wealth of country.”
He pointed to the key role of knowledge-based companies in economic prosperity of the country and added, "Cooperating and interacting with knowledge-based companies can create a significant change in oil industry.”
The gathering of knowledge-based companies and startups in oil industry kicked off today and will run until Feb. 18.
Zanganeh also said that his country has quintupled its crude extraction from the so-called West Karoun oilfields, which are shared with Iraq, since 2013, adding that production would reach one million barrels per day (bpd) with the provision of the expertise and funds needed for the development of the fields.
Zangeneh said that production at the so-called West Karoun oilfields would reach one million barrels per day (bpd) if Iran secures the expertise and funds needed for the development of the fields.
"The total oil production in West of Karoun should be increased to 1 mln bpd, however, it needs both technology and financial resources,” Zangeneh told reporters.
The minister said current output from West Karoun oilfields showed a five-fold increase compared to 2013 when the current administrative government led by President Hassan Rouhani came to office for a first term.
He did not elaborate on production figures at the fields, which he said were being developed using resources from Iran’s sovereign wealth fund.
Zangeneh’s previous statements on the joint oilfields suggested that current output could be about 300,000 bpd.
Iran has kept developing its sprawling oil and gas fields despite facing a harsh regime of American sanctions which seeks to cut to zero the country’s direct sale of crude and other energy products.
Authorities said in October that oil production at four oilfields shared with Iraq, namely Yadavaran, Azar, Aban and Paydar Qarb, would increase by nearly 60,000 bpd until March 2020 when the current Iranian calendar year comes to an end.
Companies from Iran, Russia and China have been contracted for development of the various parts of the joint oilfields.
Those efforts come as Iraq is seeking to double its output from Majnoon oilfield, which is linked to Azadegan, to nearly half a million bpd in 2021.