Page 15 - MEOG Week 05 2023

MEOG NEWS IN BRIEF MEOG

than 2.47 million barrels. Easily recoverable oil wells exist no to use various methods such as stimulating
The average price per barrel exceeded longer in Iran or anywhere else in the world. the well or using jet pumps to rehabilitate
$75.96, the statement elaborated. Nonetheless, given the natural decline in wells, but among these methods, the
Iraqi oil exports are loaded by international the oil recovery of wells, it is necessary to ultrasonic method is to be used for the first
companies from ports on the Arabian Gulf manage wells so as to maximize their current time in Iran.
and through the Turkish port of Ceyhan. pure value. That would become possible only Mohammad-Reza Jalali, the CEO of a
The total exports of crude oil during by applying modern EOR methods. Due to local knowledge-based company, pointing
December exceeded 103.28 million barrels the sanctions imposed on Iran’s petroleum out that the use of ultrasonic tools to enhance
with revenues exceeding $7.7bn, according to industry, local knowledge-based companies oil recovery has come to fruition for the first
final statistics issued by SOMO. are expected to help rehabilitate low-yield time in the Middle East in Iran, said: “We are
The Iraqi Ministry of Oil announced wells. currently pursuing the optimization of this
earlier that oil export revenues for November Iran has 5,500 oil and gas wells in 400 well-based method because in this method,
exceeded $8bn, with an average price hydrocarbon fields. Rehabilitation of low-yield we receive the wells properties on a phased
exceeding $82.41 per barrel, while revenues wells would provide capacity for the supply basis in order to be able to simulate the well.”
of oil exports during October were more than of an annual 80 million barrels of oil with Referring to his company’s background in
$9bn. minimum investment. supplying downhole tools and undertaking
IRAQI NEWS Due to the possibility of rehabilitation of ultrasonic projects for National Iranian
about 70 idle oil wells by adopting well-scale Drilling Company (NIDC), Arvandan Oil
Mothballed oil well approaches, one can expect local knowledge- and Gas Production Company (AOGPC)
and NISOC, he said: “The ultrasonic EOR
based firms to enhance output from these
rehabilitation in Iran wells by 120 kb/d within five years by method is more cost-effective than hydraulic
fracturing which is high-risk and costs $3-5
investing only €1 billion.
National Iranian Oil Co. (NIOC) has long Well production investment is one of the million. By applying the ultrasonic method,
focused on developing technologies to quickest and lowest-cost ways of enhancing higher quality may be achieved by lower costs
enhance recovery from oil wells. crude oil production in the world. Oil and risks.”
Although sanctions have posed an obstacle recovery from a new well requires on average Iran holds 1,200 billion barrels of oil
in its way, it aims to cut short the way to its $10 million in investment. But with $1 million equivalent in 400 oil and gas reservoirs.
objective by embarking on a quick-yielding investment in rehabilitation of low-yield wells Currently, less than 30% of existing
project for the rehabilitation of low-output would cut costs by about 90%. resources could be recovered using available
and abandoned wells. In this manner, by Mohammad Hossein Ghazal, deputy technologies.
spending much less than drilling new wells, CEO of National Iranian South Oil Company A review of the experiences of
NIOC would be able to enhance its crude oil (NISOC) for petroleum engineering, said countries and oil companies in the world
output. rehabilitation of low-yield wells started two in the implementation of “Inactive Wells
Without enhancing oil output, no future years ago, adding: “Since rehabilitation of Rehabilitation Plan” shows that this plan
may be envisaged for enhanced oil recovery some wells requires application of specific can be quite attractive from an economic
(EOR) projects. Therefore, the important technologies, we have to import them first point of view during the period of declining
thing would be to enhance production in any prior to entering the production phase.” oil revenues and increasing risk of new
possible manner. Internationally speaking, “Thirty-three wells have been selected for discoveries and developments.
more oil production would empower Iran the implementation of this project. Among As a result, considering the limitation of
to become more influential in the oil market them are wells that no recovery from which investment in Iran for the development of
while remaining resilient to challenges and has so far taken place. There are also wells oil fields and maintaining and increasing
restrictions because in the economic and with an output of below 1 kb/d which may be production, this plan could be implemented
political structure of the world energy, oil increased,” he said. in Iran. Of course, expert studies of this
barrels have the final say. Iranian knowledge-based companies plan project have not been presented to media and

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