Iran Plans 40% Oil Recovery Rate in 30 Years: Official

Gholamreza Manouchehri, deputy managing director of the National Iranian Oil Company (NIOC) for Development and Engineering Affairs, said the company has plans to employ enhanced oil recovery (EOR) and improved oil recovery (IOR) methods in a bid to ramp up the country’s average oil recovery rate by 40% within the next 30 years. 

Addressing the signing ceremony of a memorandum of understanding (MoU) with a domestic company for carrying out studies over a number of oilfields in Iran, the official said a new wave has been triggered in Iran for enhanced gas recovery through the past two decades, adding the wave has brought the country some economic boom in the past years with Iran being targeted by the sanctions.

He said a similar wave need be formed up in the oil sector as well.

Manouchehri said natural gas makes up 68% of the energy mix in Iran, adding the country stands second to none in development of gas distribution network to the household and industrial sectors in the world.