$2,500 billion revenue by 5% extra EOR: Official

TEHRAN Oct. 13 (Shana) – Ministry of Petroleum’s Chairman of Oil Contracts Revision Committee Mehdi Hosseini said that by every five percent increase in enhanced oil recovery coefficient, a sum of 2,500 billion dollars of income can be earned in the industry.
Speaking at the Second National Convention on Energy Law here on Tuesday, he said recovery coefficient of Iran’s reservoirs is between 25-30 percent while many countries have managed to increase it to above 50 percent.
He referred to the estimated 500 billion barrels of in-place oil reservoirs of Iran and stressed employment of high-tech technology, research activities, and international cooperation to achieve enhanced output objectives.