With $645m investments to revitalize Iran’s oil recovery rates, the National Iranian Oil Company (NIOC) reported that the Islamic Republic is pumping 3.62m b/d of crude oil, with 2.74m b/d in exports during July. The exports consists of 2.1mb/d of crude and 600,000 b/d of gas condensation. The Director of the International Affairs Department at NIOC, Mohsen Ghamsari,estimated that 25% of the country’s crude exports head to Europe and 75% to Asia, Trade Arabia informed.
Iran has invested into 14 projects to boost its oil recovery rate, with the aim of increasing the country’s gas injection capacity into oil fields by 16.3mcm/d, News.AZ wrote.
About 80% of Iran’s active oil fields are in their second half-life and need 290mcm/d of gas re-injection to maintain the production level.
Ghamsri said that Iran’s crude oil exports enjoy a good level currently, but is still below the pre-sanctions level, which was 2.35m b/d, according to Trend News Agency.