Call for Boosting Oil Extraction Rate

Call for Boosting Oil Extraction RateCall for Boosting Oil Extraction Rate

The Research Institute of Petroleum Industry is seeking a strategic mechanism to raise oil extraction rate by nearly 11%, said Amir Abbas Hosseini, the institute's deputy for international affairs.

"The current extraction rate is a long way from the target rate of 35%, because extraction procedures are lacking pertinent technologies," he said at a press event for the Second International Conference on Oil and Gas Technological Opportunities, which is scheduled to be held on September 30, ILNA reported.

The RIPI official said the research institute is set to spearhead a basic strategy to resolve the problem.

"The quickest way to increase the extraction rate is using a well-centric intelligent system or employing innovative subsurface technologies to optimize production while reducing the development costs within three to five years."

Hosseini stressed that failing to do so would lead to a production decline through the second half of an oilfield's lifecycle and, eventually, its demise.

"Oilfields similar to those in Iran have an optimum output rate of 70%," he said, adding that the institute has the potential to develop current rates, given its specialized team of staff and equipment.

Iran holds the fourth-largest proven crude oil reserves and more than one-third of OPEC's reserves.

Energy officials say the Persian Gulf country will be able to exploit its oil reservoirs for the next six decades, as the country has raised its estimated crude reserves to 157 billion barrels.

Mohammad Reza Kamali, a senior official at the institute, said RIPI carried out its first successful attempt in boosting extraction from oilfields in cooperation with Norwegian oil and gas major Statoil in a three-year timeframe in the pre-sanctions era.

However, he said oil and trade embargoes against Tehran have led to constraints in crude extraction technologies in the past few years.