TEHRAN Sept. 21 (Shana) � The acting president of the Research Institute of Petroleum Industry (RIPI) said improving recovery of the existing oil wells and increasing the output of oil reservoirs are strategic targets which are required to be seriously implemented.

�Iran has rich oil reserves estimated at 650 billion barrels which should be recovered at a global average rate of 35 percent by using enhancing technologies,� Amir-Abbass Hosseini, who is also RIPI�s deputy for technology and international relations, told reporters in a briefing on upcoming Second International Conference on Technological Opportunities (ICTO) in Oil and Gas Industry to be held on September 30 in Tehran.

Setting the theme of Technology Edge of Iran�s Energy Diplomacy, the conference will set the ground for maximum employment of the country�s research capacities and international cooperation to attain the objectives forecast by the 6th Development Plan, he added.

About 494 billion barrels of Iran�s oil reserves are not recoverable, as out of 650 billion barrels only 156 billion barrels or 24% of them have been recovered, Hosseini said.

ICTO is an opportunity to use the post-sanctions atmosphere so that main actors in the field, namely, industry, universities and research centers, can introduce their activities and take part in international cooperation, Mohammad-Ali Emadi, director for research and technology of National Iranian Oil Company said on Saturday.

�Worlds cutting-edge technologies are not to be granted or purchased. Rather, they have to be seized and acquired. We have to obtain the EOR/IOR technologies through international cooperation projects,� he added.

In addition to four major Iranian companies, OMV of Austria, a consortium from the Netherlands led by Delft University, DBUII consortium, Imperial College of London, IMPA of Brazil, and Norway�s Bergen University will take part in the conference.

By SHANA