Technology Development Key to Reviving Oil Industry

Developing advanced technology and investing in modern research methods is the Oil Ministry's strategic approach to revive the age-oil industry.
Habibollah Bitaraf, Iran's deputy oil minister for research and technology, made the statement in the Eighth Oil Ministry's Technology and Research Convention in Asalouyeh, Bushehr Province, on Wednesday, IRNA reported.
According to the official, the ministry's subsidiaries have also committed themselves to adopting the same approach, which is generating fresh ideas to tackle technical issues in the lucrative business that has been deprived of modern know-how during the international sanctions.
"Industrial innovation is the key to implementing long-term oil and gas projects," he said, adding that as long as cutting-edge technical know-how is not introduced into the oil industry, the country's potential capacity to boost extraction from hydrocarbon reserves cannot be fulfilled.