TEHRAN, Jan. 01 (BPN) – Iran says it is now producing more natural gas than crude oil.
Gholamreza Manouchehri, deputy managing director of the National Iranian Oil Company (NIOC) for Development and Engineering Affairs, said on Saturday that Iran’s production of natural gas, gas condensate and gas derivatives stands at 4.5 million barrels of oil equivalent (BOE) which is more than its crude oil output.
Iran is currently supplying 4 million barrels of crude oil per day.
He said natural gas is being produced at an average recovery rate of 70% in Iran while recovery rate for oil fields begins with 5% and in rare instances reaches 40% with an average rate of 26%.
The official said NIOC has plans to employs EOR and IOR methods to enhance oil recovery in the country and shore up the average oil recovery rate to 40% within the next 30 years.