TEHRAN – The revival of more than 700 shut-in and low-producing oil wells, the engagement of 76 technology companies, the receipt of 189 technical proposals and 381.227 billion rials in investment in technology projects are among the key achievements of the Oil Industry Technology and Innovation Park during the first two years of the 14th administration.
The initiatives have focused on advancing technology and supporting new technology-based firms in addressing the oil industry’s challenges and increasing production capacity.
During the first two years of the 14th administration, the Oil Industry Technology and Innovation Park sought to strengthen ties among technology companies, universities and the operational needs of the oil industry. Reviving shut-in and low-producing wells, developing specialized technologies, supporting knowledge-based companies and creating technology infrastructure were among its main areas of activity.
Part of the country’s oil production capacity lies in wells that have been taken out of production for various reasons or are no longer economically viable. Using technology to return these wells to production has been one of the park’s main priorities under the 14th administration.
More than 700 shut-in and low-producing oil wells have been targeted for revival, making the initiative one of the park’s most significant programs during the period. The project, which draws on the capabilities of technology and knowledge-based companies, has an estimated financial turnover of about $500 million.
Park experts also contributed to revising the draft Economic Council resolution to make the project more economically attractive and encourage more technology companies to participate.
A total of 76 technology companies took part in identifying challenges and proposing technical solutions. They submitted 189 technical and specialized proposals, resulting in the signing of 18 contracts, 12 of which are currently under implementation.
More than 60 confidentiality agreements were also signed with participating companies to give them access to technical data on the wells.
Venture capital, production-based payments and technology development are the three main cooperation models being used in the project.
A well-by-well approach and advanced downhole technologies are given particular priority. Technologies capable of providing customized solutions based on the specific conditions of each well are considered especially important.