NIOC, Startups Ready to Sign Contracts Worth $500 Million

The National Iranian Oil Company will draw up contracts worth $500 million with knowledge-based firms to revive abandoned oil and gas wells, the oil minister said.
“Some 54 startups have expressed readiness to get involved in projects that can help increase NIOC’S annual oil production capacity by more than 80 million barrels,” Javad Owji was also quoted as saying by the Oil Ministry’s news website.
The Economic Council has approved NIOC’s proposal to draw on startups’ ability to both revive abandoned wells and increase production level from wells whose output have decreased substantially, he added.
According to the minister, Iran has more than 5,500 oil and gas wells, 700 of which are in their last stage of production process that is characterized by a slow, gradual decline in output.