“The university has an annual production capacity of 50 pumps, the import of which costs the National Iranian Oil Company around $50 million,” Abbas Nazari said.
The locally-produced ESPs can compete with foreign brands quality-wise and are more economical than imported counterparts, he added, according to Finacial Tribune.
The official said more than 90% of all producing oil wells require some form of artificial lift to increase the flow of fluids from wells when a reservoir no longer has sufficient energy to naturally produce at economic rates or to boost early production to improve financial performance.
MNA/PR
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