Iran's NIOC Signs Contract With Department Of Iranian President Office On Oil, Gas Fields

(MENAFN- Trend News Agency) BAKU, Azerbaijan, November 15. One memorandum and 1 contract were signed between the National Iranian Oil Company (NIOC) and the Science, technology and Economic Knowledge Base Department of the Iranian President Office in order to maintain and increase production in oil and gas fields, Trend reports.

The mentioned memorandum and contract were signed by Deputy Oil Minister and CEO of the NIOC Mohsen Khojasteh Mehr, and Rouhollah Dehgani Firouz Abadi, deputy director of the Science, Technology and Economic Knowledge Base Department of the Iranian President Office.

A memorandum of understanding on the creation of a strategic center for artificial intelligence and digital oil and gas fields was signed. Iran's oil and gas fields will be focused on maintaining and increasing production using artificial intelligence.

At the same time, a contract was signed between the NIOC and the Science, Technology and Economic Knowledge Base of the President's Office in order to acquire technology for drilling long and multi-faceted horizontal wells with the localization of RSS (Really Simple Syndication) tools.

It is planned to use mainly the potential of local companies in memorandums and contracts.

Detailed information about the memorandum and agreements was not provided.

Iran's total hydrocarbon reserves are estimated at 1.2 trillion barrels. With the available technology and equipment, Iran can extract 340 billion barrels. Thus, 30 percent of the country's hydrocarbon reserves are recoverable, while 70 percent remain underground.

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