NISOC Inks Oil Recovery MoUs

NISOC Inks Oil Recovery MoUsNISOC Inks Oil Recovery MoUs

State-owned National Iranian South Oil Company has signed five memoranda of understanding with domestic scientific centers for research on increasing the recovery rate of oilfields.

The signing ceremony was held in Ahvaz, Khuzestan Province, last week on the sidelines of a local exhibition on research and technology, the NIOC’s official news website reported.

Bijan Alipour, managing director of NISOC, and officials from the University of Tehran and Iran’s Research Institute of Petroleum Industry signed the agreements.

The MoUs are aimed at conducting technical geological surveys, formulating plans to cut down on operating expenses and anticipating potential bottlenecks in extraction from Marun and Kopal oilfields in Khuzestan Province as well as Gachsaran in the nearby Kohgilouyeh-Boyerahmad province.

Baqer Pourqasem, a senior official at NISOC, said the basic agreements are worth 45 billion rials, or roughly $1.1 million.

Underlining efforts to raise extraction rate at oilfields as a top priority, Pourqasem said NISOC aims to make inroads in enhanced oil recovery and improved oil recovery methods.

Iran holds some 700 billion barrels of oil with a recovery factor of nearly 25%. Recovery factor is the ratio of technically and economically recoverable reserves to the total amount of oil in a reservoir. Reportedly, a 1% increase in recovery rate will translate into 7 billion barrels of crude oil. This will bring in more than $280 billion in revenues with oil priced at $40 per barrel.

The recovery factor in Iranian oilfields ranges between 5% and 60%.

Three Austrian companies, namely HOT Engineering, SONNEK Engineering and ILF Consulting Engineers, introduced their cutting-edge enhanced oil recovery methods in a conference in Tehran in October.

According to Shana, Pars Marine Industries Company organized the First Austrian Technology Transfer Conference for EOR by using treated water.

The conference discussed strategies to boost the oilfields' lifespan, cheap oil production on mature oilfields and optimization of the water cycle to improve the reservoir pressure.


Add new comment

Read our comment policy before posting your viewpoints