Iran loses $4B per month over delaying oil contracts
(an actual loss) because of delaying the implementation of new oil and gas contracts, called Iran Petroleum contract, reached $4 billion, Mehdi Hosseini, head of Iranian Ministry of Petroleum’s Oil Contracts Revision Committee said July 10, Shana reported. He said that the country's proved oil reserves stand at 500-600 billion barrels, but the oil recovery index is around 25 percent. It means Iran in natural conditions can extract only 25 percent of reserves and for further extraction it needs to enhance the recovery rate. According to the ...
Click
To Read Full Article
