Iran Press/ Iran News: Bijan Zanganeh made the remarks on Monday at the signing ceremony of the contract for the development of South Azadegan Oilfield, saying that Iran has reached a capacity of 400,000 barrels which was at 70,000 barrels of oil in West Karun.
"We should see the index of activity in joint fields in the West Karun and South Pars. Of course, action has been taken in other joint fields as well, and it will yield results by the end of the current government," the Minister of Petroleum added.
The official also stressed increasing the recovery rate of oil fields.
The Minister went on to say that there are 27 billion barrels of oil in place (OIP) in the South Azadegan joint field, but the maximum extraction is less than 1.5 billion barrels.
"We can increase the recovery rate of 6% in this field to 16%," said the official, highlighting that this means an increase of 2.7 billion barrels of oil production from South Azadegan and will generate over $1 trillion revenue for the country.
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