21 September 2020 - 15:09
  • News Code: 307535
Universities Studying 50% of Iran Oil, Gas Reserves

TEHRAN (Shana) – Iranian Minister of Petroleum Bijan Zangeneh said the country’s universities and research centers were currently conducting research studies on nearly half of the country’s oil and gas reserves.

Speaking to reporters following a ceremony in which the National Iranian Oil Company (NIOC) signed 13 contracts with local universities and research centers to carry out studies on oil and gas fields, Zangeneh said on Monday that 9 contracts had previously been signed with universities in this regard.

He underlined the activities of dozens of professors and hundreds of students and researchers in these projects, and added: "Based on these contracts, hundreds of papers and research achievements will be obtained that are practical and have not been done for mere archiving."

“Fortunately, the industry and universities accompany each other,” he added.

The Iranian Minister of Petroleum further said one percent increase in the recovery factor of 750 billion barrels of oil is 7.5 billion barrels which considering $40/b for oil price it will generate $300 billion for the country while the cost of these studies would hardly reach $100 million.

“Currently, the studies conducted to increase the recovery rate of Azadegan Field have reached a stage where it is possible to improve the extraction coefficient of the field by 10%, which will generate roughly $200 billion more wealth for the country,” he added.

News Code 307535

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