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NIOC to Unveil 50 EOR Projects in Nov.

NIOC to Unveil 50 EOR Projects in Nov.NIOC to Unveil 50 EOR Projects in Nov.

The conference for unveiling the framework of Iran’s multibillion-dollar oil contracts, known as Iran Petroleum Contract or IPC, will lift the curtain on some 40-50 enhanced oil recovery projects, according to the director of research and development at the National Iranian Oil Company.

“A number of the projects to be introduced during the meeting on November 28-29 in Tehran are related to brownfields while several others are awaiting EOR knowhow,” Mohammad Ali Emadi told ILNA.

EOR is the application of various techniques for increasing the amount of crude that can be extracted from an oilfield. Using EOR, 30-60% of the reservoir’s original oil can be extracted, compared with 20-40% using primary and secondary recovery.

Noting that getting a share in Iran’s lucrative oil projects, including EOR developments, entails fewer risks for interested firms as Iran resumes normal relations with the world in light of sanctions removal, he said investors will decide on the basis of the feasibility of each project.

Emadi singled out direct investments over and above EOR knowhow as two of the key factors to determine which company will be approved for future ventures.

According to the official, NIOC has specific plans in place for cooperating with foreign companies in possession of knowhow in the field once oil embargos are fully removed.

“Under the harsh sanctions, Iran incorporated a number of techniques to boost crude oil extraction, namely improved oil recovery techniques, but a major decline in exports enforced a shutdown on several wells, rendering EOR methods pointless in a number of projects,” he said.

In 2013, Norwegian oil and gas giant Statoil announced it more than doubled extraction from its Oseberg Field off Norway through enhanced recovery efforts. The company boosted recovery in the main reservoir to 2.6 million from 1.1 billion barrels of oil via the injection method.

Financialtribune.com