Tehran (IP) - Iran's Minister of Oil said that Iran is ahead of its neighbors in all major joint oil fields in terms of production capacity, and emphasized that Iran does not wait for foreigners in the development of its oil fields.

Iran Press/Iran News: Bijan Zanganeh, Iranian oil Minister, on Monday 17 August at the signing ceremony of the contracts of the second phase of the plan to maintain and increase oil production, added: "In the global oil industry, there is a consensus that the main pillar in upstream oil activities is increasing the recovery factor."

He continued by saying that the operational sectors contribute to the development of technology: "One percent increase in the recycling rate means an increase of seven billion barrels of oil to Iranian production, which will lead to $300 billion in revenue."

The competitive market does not spare anyone. To survive, you need to compete, and to compete, you need to increase technology so that prices go down and quality increases. The Minister of Oil, stating that in order to do this, we interacted with the universities in the first step, added: "In the coming weeks, we will see the signing of new contracts with universities which contribute to the increase of production."

He pointed out that if we can not build capacity amid sanctions, we can not take back our market share by lifting the sanctions, he added: we must return to pre-sanctions capacity in less than three months and enter the market with strength.


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