Iran to boost oil and gas tech to ramp up production capacity

Iranian Minister of Petroleum Javad Owji said the capabilities of Iranian knowledge-based companies would be used to enhance production of 700 oil and gas wells in the country.

“The use of knowledge-based companies in addition to generating value added, can create employment and favorable hard currency for the country,” Owji said in a series of tweets by the Ministry of Petroleum.

Iran has more than 5,500 oil and gas wells in 400 fields around the country. "Using the power of knowledge-based companies, we will be able to increase the annual production capacity of more than 80 million barrels of oil with the least capital and risk,” he said, referring to the wells.

“In the National Iranian Oil Company, according to the emphasis of the upstream documents, we want to have a significant share to generate wealth from underground reservoirs, and in this way we must use technologies to the maximum,” he added.

Iran has previously said it plans to increase its crude oil capacity to 4 million b/d by March 2022 which are levels before the sanctions were imposed on the country.

According to the Iranian news wire Shana, Mohsen Khojasteh Mehr, the managing director the National Iranian Oil Company, said last week that there was a total of 1,200 billion barrels of crude oil equivalent of underground hydrocarbon resources located in 400 oil and gas reservoirs in Iran.

“The world has become more complex and the era of cheap oil production is over,” he said.