President: $18bn Investment in Oil Industry Needed

He said West Karoun was one of the areas of Iran acivity after the eight-year imposed war.

He hailed Iranian oil ministry officials for their efforts which brought back Iranian oil output to the pre-sanction era.

He noted that Iran is now capable of producing 300,000 bpd and the figure should be increased to more than one million barrels per day.

The requiistie for the goal is capital and technology, said the president, adding that Iran’s capital for the purpose is limited so other sources should be used.

He put 18 billion dollars investment is needed for the projects and technology of enhanced recovery is the must.

The president said any one percent increase in ehnace recovery will result in 670 million barrels oil and 32 billion dollars revenues as a result.

“We need to use our wells on a long-term basis, requiring latest technology.”