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  • KBCs to be used to Boost Output of 700 Oil and Gas Wells: Owji

KBCs to be used to Boost Output of 700 Oil and Gas Wells: Owji

Iranian Minister of Petroleum Javad Owji said the capabilities of Iranian knowledge-based companies (KBCs) would be used to enhance production of 700 oil and gas well in the country.

Javad Owji, speaking on Monday, December 20 at a ceremony commemorating the National Research Day, said: “One of the ways to create jobs is using the power of the country's elites, especially in low-income areas. Today, thank God, the oil industry is determined to use these elites."

"About 50% of our exports are raw or semi-raw products, which is a great weakness for the country, so the use of knowledge-based companies in this field in addition to generating value added, can create employment and favorable hard currency for the country,” he went on to add.

He stated that the oil industry today needs KBCs and new technologies, adding: "More than 115 years have passed since the exploration of oil in Iran, but unfortunately today in many production areas in the upstream and downstream parts of the oil industry, methods are traditional.”

Referring to the existence of more than 5,500 oil and gas wells in 400 oil and gas fields of the country, he said: "Using the power of knowledge-based companies, we will undoubtedly be able to increase the annual production capacity of perhaps more than 80 million barrels of oil with the least capital and risk.”

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