National Iranian Oil Company (NIOC) recently signed 13 agreements with Iranian universities and research centers worth €35 million plus IRR 7,160 billion for conducting research on enhanced oil recovery (EOR).
Iran’s Minister of Petroleum Bijan Zangeneh, who was in attendance at the signing ceremony, said currently 50% of oil and gas reservoirs in Iran had been assigned to universities for study.
“If with 1% enhanced recovery, 7.5 billion more barrels are recovered from a reservoir of 750 billion barrels, it would amount to $300 billion with oil price at $40 per barrel. That is while the costs would hardly reach $100 million,” the minister said.
Zangeneh also touched on studies under way for enhancing recovery from the Azadegan oil field, saying: “These studies have now reached a stage where the field’s recovery rate can be improved to generate about $200 billion wealth for the country.”
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