Norwegian Firm Says Will Boost Recovery Rates in Iran Oilfields By 28 Per Cent
Posted on: Saturday, 5 November 2005, 15:00 CST
Text of report in English by Iranian Mehr news agency in English
Tehran, 5 November: If the required investments are made and the worlds state-of-the-art technologies are used in the sector, Iran's oil exploitation rate from its oilfields would increase by over 28 per cent, noted the vice president of Norway's Norsk Hydro Oil Company.
The oil expert who was commenting on the oil production from Iran's oilfields said that, due investments for increasing the exploitation rate of Iran's oil reserves have not been made.
The average oil exploitation rate from Norwegian oilfields is about 50 per cent. However, based on the planning and making use of modern technologies as well as drilling multi-branch horizontal wells, the figure is expected to grow by 60 per cent, he added.
Elsewhere in his comments he pointed to the Norsk Hydro Oil Company's 170m dollars investment in Iran's oil sector and stated that if the exploratory project in Iran's Anaran Oilfield leads to the development and operational phases the Norwegian company will invest about one billion dollars in the project, Iranian Students News Agency (ISNA) reported.
Source: BBC Monitoring Middle East
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