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Austria to help Iran to improve oilfields’ recovery rate

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Staff writer ▼ | September 8, 2015
Austria has expressed readiness to help Iran increase its oilfields recovery rate, Amir Hossein Zamaninia, the Islamic Republic’s deputy oil minister said.
Amir Hossein Zamaninia
Cooperation   Amir Hossein Zamaninia:
He made the remarks while commenting on the topics negotiated during the meeting of Iran ’s Oil Minister, Bijan Namdar Zanganeh with Rainer Seele, managing director of the Austrian energy company OMV.

The company has expressed readiness to double recovery rate of Iran ’s oil and gas fields, using modern technologies, Zamaninia said, the Iranian oil ministry’s official SHANA news agency reported September 8.

The two parties negotiated on implementing enhanced oil recovery (EOR) and improved oil recovery (IOR) techniques in the Iranian fields, he added.

The oil recovery factor in Iran is very low. Iran is able to extract just 20 percent (157 billion barrels) of its oil reserves on average. The current active fields lose about 8 to 13 percent of production volume.

Tehran is producing about 2.8 million barrels of crude oil per day of which some 1.7 million barrels is consumed domestically.