Iran’s national wealth rises $400bn by 1% growth in oilfields recovery coefficient

TEHRAN, Feb. 16 (MNA) – Minister Bijan Namdar Zanganeh put the current recovery coefficient in Iranian oilfields at below 30% and said that $400 billion will be added to Iran’s national wealth by increasing one percent in oilfields recovery coefficient.

He made the remarks on Sun. in a gathering of knowledge-based companies and startups in oil industry and added, “accordingly, Iranian Oil Ministry concluded contracts with universities and academic centers to conduct feasibility studies on oilfields with a focus on increasing oil recovery coefficient.”

Zanganeh put the current oilfields recovery coefficient in the country at below 30 percent and added, “with each one percent growth in oilfield recovery coefficient, more than seven billion barrels of oil will be added to the extractable oil which can bring about $400 billion worth of fund to the national wealth of country.”

He pointed to the key role of knowledge-based companies in economic prosperity of the country and added, “cooperating and interacting with knowledge-based companies can create a significant change in oil industry.”

The gathering of knowledge-based companies and startups in oil industry kicked off today and will run until Feb. 18.

MNA/IRN83676113

News Code 155684

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