Iran to invest $645mn to boost oil recovery rateby Indrajit Sen on Aug 21, 2016
The National Iranian South Oil Company (NISOC) is planning to implement projects worth $645mn to raise oil recovery rate from oilfields.
The company plans to implement 14 projects to establish gas injection stations, Shana reported.
Once the projects goon stream, the gas injection capacity into oilfields run by NISOC is expected to increase by 16.3mn cubic metres (mcm) per day.
The company injected over 36mn cubic meters of gas into its oilfields during March 20 to June 20 to increase their recovery rate.
About 80% of oilfields operational in Iran are in their second half-life and require 290mcm per day of gas re-injection to maintain the production level.
Over 150mcm of gas should be injected daily to the country's oilfields, as stipulated in Iran's Fifth Five-Year Economic Development Plan (2011-16). The predicted figure is vital to prevent a fall in pressure and maintain the output in oilfields.
NISOC is considered to be the biggest crude oil producer in Iran accounting for 83% of Iran's crude output and 16% of its natural gas production.
The company is currently operating 45 small and massive oilfields in Iran's southern areas. The company is accountable for production of 80% of the country's oil and 16% of its gas output.
Earlier, Bijan Alipour, NISOC managing director told Shana that the company is planning to boost crude oil production during the current year which began on March 20.
He said that NISOC has prioritised projects which are focussed on enhancing production and, quality and capacity of the recovered oil.
He said that the company managed to reach its pre-sanctions levels in crude oil production, adding that NISOC supplies 1.6mn bpd of Iran's oil exports. He added that NISOC managed to add over 900,000 barrels to its output in less than six months.