How much is oil recovery rate in Iran?
The Iranian deputy oil minister has announced that since 2005 the country's oil reserves have increased by 110 billion barrels due to discovered new oilfields. He has added that Iran's in-situ oil reserves stand at 800 billion barrels. Mohsen Khojastehmehr told the Mehr News Agency On February 25, that the country's recoverable oil reserves are estimated to be over 157 billion barrels. Comparing the figures for proven oil reserves and the recoverable oil reserves, it will be revealed that Iran's oil recovery factor is less than 20 percent. In other words, Iran is able to extract just 20 percent of its oil reserves. Of course, the figure varies for different oilfields, but the average figure will not exceed 20 percent. According to Iran's Fifth Five-Year Economic Development Plan, the oil recovery rate should be increased by 1 percent by implementation of enhanced oil recovery methods. Based on Iranian media reports, citing oil officials, Iran is currently experime