President of the Research Institute of Petroleum Industry (RIPI) said international firms and investors will turn a profit of 8 billion dollars after removal of the sanctions against Iran.
“It is estimated that with implementation of the (nuclear) Joint Comprehensive Plan of Action (JCPOA), a market worth 8 billion dollars will be before international firms and investors,” Hamid-Reza Katouzian (pictured) told the opening of the Second International Conference on Technological Opportunities (ICTO) in Oil and Gas Industry in Tehran on Wednesday.
“The nuclear deal will transform the relations between Iran and the world,” he added, “Iran has been projected to be among 11 countries that can become the world’s largest economy in the twenty-first century.”
The Research Institute of Petroleum Industry, in its capacity of the research arm of the Petroleum Ministry, is prepared to provide technological groundwork for enhanced recovery of oil fields, he said.
The ICTO conference is scheduled to set the ground for maximum employment of the country’s research capacities and international cooperation to attain the objectives forecast by the 6th Development Plan.
Iran has rich oil reserves estimated at 650 billion barrels which could be recovered at a global average rate of 35 percent by using enhancing technologies.
About 494 billion barrels of Iran’s oil reserves are not recoverable, as out of 650 billion barrels only 156 billion barrels or 24% of them have been recovered.
ICTO is an opportunity to use the post-sanctions atmosphere so that main actors in the field, namely, industry, universities and research centers, can introduce their activities and take part in international cooperation, Mohammad-Ali Emadi, director for research and technology of National Iranian Oil Company (NIOC) said.
“World’s cutting-edge technologies are not to be granted or purchased. Rather, they have to be seized and acquired. We have to obtain the EOR/IOR technologies through international cooperation projects,” he added.