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Iran can boost oil revenues from its oilfields by billions of dollars using enhanced recovery methods. said Gholamreza Manouchehri. Deputy for Engineering and Development at the National Iranian Oil Company.
He said raising the rate of recovery from oil reservoirs will bring in $400 billion in new revenues.
He added that the average rate of recovery from Iran`s oilfields is around 25% but it should reach 40%. In-place oil reserves are estimated at 800 billion barrels. Raising the recovery rate by merely 1% is equivalent to adding 8 billion barrels to production which would generate $400 billion at current crude prices.
Global crude benchmark Brent settled at $53.64 a barrel on Tuesday. Oil prices have jumped more than 20% since OPEC announced a deal in November to cut supplies by 1.2 million barrels per day.
Non-OPEC producers have also committed to erode output by an additional 558.000 bpd. Most forecasts predict oil prices to remain at $50-60 a barrel through 2017.
Increasing the recovery rate is imperative because some of these fields are joint fields. Manouchehri said.
Tehran has prioritized the development of its joint oil and gas fields. especially those shared with Arab neighbors Iraq and Qatar in the south and southwest.
However. officials say Iran`s oil and gas drive requires a massive $200 billion investment. including $130 billion in the upstream exploration/production sector.
