Increase in recovery coefficient number means rise in Iran's national wealth

"One percent increase in the recovery coefficient number would add 400 billion dollars to Iran's national wealth," Iran's oil minister said in the meeting of knowledge- based companies and startups affiliated to oil industry, pointing to the fact that the recovery coefficient number in Iran's oilfields is blow 30 percent.

Iran (IMNA) – Emphasizing that the focus ofIran's Research Institute of Petroleum Industry have been on the knowledge-based companies during the last year, Bijan Zangane said , "the main related organizations to oil industry were not aware of this opportunity, and knowledge-based companies didn’t take advantage of such this capacity."

"The number of senior faculty members in upstream industry was not more than 5 in 1997, and we didn’t have any upstream section in Oil University. While during that period of time, laboratories of the best universities in Iran were equipped, and some people were dispatched abroad in order to be trained for teaching. By relying on such training, we have formed petroleum institutes to conduct research," he added.

"Accordingly, we concluded contracts with universities to investigate oilfields focusing on increasing the recovery coefficient of oilfields," Zangane emphasized.

"To support the start-ups and knowledge-based companies, 18 hectares of land in Rey County have been allocated in this regard, and its first phase will be exploited over the upcoming months," he continued.

Referring to the fact that the license for research and technology fund of Petroleum Industry with an initial capital of 100 billion tomans was issued yesterday, he added, "This fund can be the financial backing for knowledge-based companies."

News Code 410832

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