Zangeneh: 1% rise in oil recovery to earn $300bn

EghtesadOnline; Minister of Petroleum Bijan Zangeneh said that one percent increase in oil recovery will earn $300 billion for the country.

News ID: ۷۳۵۸۳۹

14 August 2016

'Future generations will not forgive us in case of any failure in oil recovery; the Parliament Energy Commission is highly encouraging in this regard. Different methods should be used for recovery and one method is not enough. One percent increase in oil recovery will bring in about 300 billion dollars revenue for the country, which investment in the field will not account for 30 percent of the earning,'Zangeneh said in a message.

He warned that the companies are intentionally declining to observe the HSE mandates, and said any shortcoming will cost cut in the feedstock, reports IRNA.

The HSE mandates are in place since weeks ago following serial fires in the oil and petrochemical facilities.

Experts believe the incidents' root cause had been negligiance of the petchem facilities' directors to meet the HSE rules.

'If a petrochemical facility or refinery intentionally violates the HSE rules at a logcal time and the negligiance results in national security danager like the irreparable fire, order will be issued for cut in the feedstock,' said Zangeneh.