25 August 2016 - 16:56
  • News Code: 267690
Zanganeh Stresses Increase in Coefficient of Oil Recovery

TEHRAN, Aug 25 (Shana) – Minister of Petroleum Bijan Zanganeh on Thursday emphasized raising the coefficient of oil recovery in many reservoirs of the country.

“Increasing oil recovery is as important as development of the joint fields,” Zanganeh told a group of officials in Boushehr Province.

He said any failure to raise the coefficient of oil recovery will result in waste of national waste underground.

He added that for the time being, there are 830 billion barrels of explored oil in Iran and one percent increase in the coefficient of their recovery will result in 8.3 billion barrels increase in oil recovery. 

Taking oil sold for 40 to 42 dollars a barrel, an income of about 35 billion dollars will be earned, he noted.

He announced, “We should not lose the sources.”

The minister then touched on increasing gas production in South Pars gas field and said daily gas production has risen to more than 370 billion cubic meters now from 240 billion cubic meters when the 11th government took office.

The minister said the Joint Comprehensive Plan of Action (JCPOA) was one of the big works of government in the economic and political domains. “Following the JCPOA, oil sale was facilitated and the possibility was hence provided for receipt of money gained out of oil sale and access to the blocked equipment.”

Referring to his Majlis closed-door session briefing on Sunday about the new model of oil contracts and said almost overwhelming majority of MPs had positive attitude towards the new model of oil contracts.

He said the critics of the new model of oil contracts try to show the contracts are not good and they tend to show that the Iranian atmosphere is unstable.

“There is no country in the region as stable and secure as Iran. The Supreme Leader of Islamic Revolution Ayatollah Seyed Ali Khamenei considered security as crucial for the country and when a country is stable, both domestic and foreign investment will be possible.

News Code 267690

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