Iran to Use Domestic Capacities to Revive Low-Production Oil Wells
Iranian companies will remain in charge of works at low-production wells where output hardly exceeds dozens of barrels per day, said Mohammad Esmayeel Kefayati, who leads Iran’s PetroPark, an Oil Ministry company responsible for innovation and technology projects.
“Based on plans, domestic technology-based companies will revive these wells and no foreign company has been considered for the job under any circumstances,” he added.
The oil ministry officials denied reports suggesting Russian and Chinese companies have been awarded the right to control and revive low-production oil wells in the country.
Earlier reports showed that Russian and Chinese companies had submitted proposals to Iran for works on low-production oil wells in the country.
The Iranian oil ministry figures show that reviving a low-production oil well costs around $1 million, around 90% cheaper than developing a new oil well.
The Iranian government has earmarked around $700 million for development and revival of some 750 low-production or inactive oil wells in the country.
4155/v
